Fellow Story
Lund co-authors opinion piece on shale revolution
Will the U.S. shale boom turn out to be a bust? The recent decline in oil prices has left some questioning whether it can be sustained.
But the shale revolution is not just a temporary blip. It’s a true game changer for the U.S. economy, and its impact is only in the early stages. A year ago, we projected that shale energy could boost annual GDP by 2 to 4 percent ($380 billion to $690 billion) by 2020. Since then, development has continued in high gear, putting the United States on track to hit the upper end of that forecast. Further declines in oil prices could dampen this growth, of course, but the most productive basins for shale oil and gas will remain profitable even if oil prices remain at today’s levels.