The economic and technological miracle of fracking

The poor are one of the biggest beneficiaries of fracking with lower prices for natural gas (WSJ):

Thanks to the lower price for natural gas, families saved roughly $32.5 billion in 2012. (That's 7.4 billion MMBTUs of residential use of natural gas times the $4.40 reduction in price.) The windfall to all U.S. natural gas consumers—industrial and residential—was closer to $110 billion. This is greater than the annual income of all of the residents in 14 states in 2011.

Mercator's most notable finding is that the income group helped the most by this bonanza is the poor because energy is a big component of their family budgets. Data from the annual report of the federal Low Income Home Energy Assistance Program (Liheap) show that poor households spend four times more of their income on home energy (10.4%) than do non-poor households (2.6%). That same report says that roughly 40 million households, or 36% of U.S. households, are eligible for Liheap. Though the poor on average spend less overall on heating and electricity, lower natural gas prices have still shaved about $10 billion a year from the utility bills of poor families.

Some industry analysts believe that the biggest economic benefits to manufacturers are to come (ShopFloor via Instapundit):

In their latest report on the economic benefits of the shale revolution, the global research firm IHS makes a number of encouraging findings. IHS estimates that the unconventional oil and gas value chain already supports over two million jobs, is responsible for $1,200 in average additional net income per household and is contributing nearly $300 billion to GDP. The most promising finding for manufacturers is that the best is yet to come. Looking at just one manufacturing sector, the chemical manufacturing sector, capital investments in new plants and expansion at existing plants is expected to more than triple in just four years. These estimates are not theoretical; they are largely based on real projects that are already under development, some of which are identified in the report. Similar growth is expected in several manufacturing sectors, which collectively will drive more production, create more jobs and further fuel the economy.

Meanwhile... Germany's switch to subsidized renewables is causing their electricity prices to soar (WSJ) while ASI restates its case against solar subsidies now.