The boost of $48bn was only a central estimate, with estimates ranging from $37bn to $56bn per year.
The gains from fracking have not only gone to natural gas producers, but manufacturers and consumers as well.
"Manufacturing sectors that are particularly gas-intensive have expanded relative to other manufacturing sectors since the onset of the shale gas boom," Hausman and Kellogg wrote. Thanks to low natural gas prices, fracking created 24,000 to 65,000 extra jobs in gas-intensive industries. In industries that are less gas-intensive, fracking still created between 280,000 to 610,000 jobs. The upper-bound estimate is significantly larger than all the jobs created in California in the last year, according to the Bureau of Labor Statistics.
