EnergyFactor By ExxonMobil | Pespectives has a new home

I understand the name Oilers might be available

The Pittsburgh Steelers are not just one of football’s iconic franchises. The club is the emblem of an entire region, its name paying homage to the city’s legacy as the one-time steel capital of the world.

But some news came to light this week that suggests a name change could be in order for the six-time Super Bowl champions.

PittsburghOilers_Feature_09-2014That’s because, as the city’s Post-Gazette newspaper reported Wednesday, there are now more people working in oil- and natural-gas-related jobs in Pennsylvania than are working in the steel industry.

In fact, oil and gas employment in Pennsylvania – approximately 21,000 jobs – is currently more than 50 percent greater than the number of jobs found in iron and steel mills and ferroalloy manufacturing.

That, of course, reflects the bonanza sparked by energy production in the state’s portion of the Marcellus Shale, which has provided a very big economic boost over the past decade.

For some historical perspective, consider this quote from a local labor leader: “I would say definitely the economic benefits from the natural gas industry are equal to or possibly even surpassing what the steel industry made possible in the heyday of production in the Mon Valley.”

The Post-Gazette offers a nice comparison of the two industries in the Keystone State and is well worth a read.

In particular, the story notes that the average annual salary of jobs in the oil and gas industry is about $20,000 more than structural iron and steel workers earn each year.

But far from being left behind, the steel industry is benefitting from the shale revolution.

The Post-Gazette points out that “shale gas, ironically enough, has been a boon for the steel industry as steel pipe and casings are needed to extract natural gas from shale rock” – just another illustration of how the benefits of shale energy are being felt across virtually all sectors of the American economy.

There is no question the shale revolution is among the most significant economic developments of our lifetimes.

Take it from the mouth of an honest-to-goodness Steeler. As the article notes, John Surma, the former chairman and CEO of U.S. Steel, said in a 2012 speech, “The responsible development of our nation’s extensive recoverable oil and natural gas resources has the potential to be the once-in-a-lifetime economic engine that coal was nearly 200 years ago.”


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