20. Economic Impact Study
Marcellus Shale report from economists and
industry experts at Penn State
2010
• $8 billion annual impact and
107,000 jobs
•$900 million in state/local
tax revenue*
2020
•$14 billion annual impact
and 175,000 jobs
•$1.4 billion state/local tax
revenue
*30 percent tax revenue remains local

23. AAA Regular Gasoline and NYMEX Crude Oil Price

24. AAA Diesel and NYMEX Crude Oil Price

25. World liquid fuels consumption is projected to
increase by 1.5 million bbl/d in 2010
million barrels per day million barrels per day
95 5.5
Forecast
90 Total consumption
85 4.5
80 3.5
75
70 2.5
Annual growth
65
1.5
60
55 0.5
50
45 -0.5
40 -1.5
35
30 -2.5
2003 2004 2005 2006 2007 2008 2009 2010
China United States Other

26. Oil prices relate to many uncertain factors
Non-OPEC supply
growth Inventories
OPEC production Global economic
decisions growth
Global
Spare production
Oil Prices Speculation, hedging,
capacity investment
Exchange rates and
Geo-political risks
Inflation
Weather

27. Price Summary
Year Percent Change
2008 2009 2010 2011 08-09 09-10 10-11
99.57 61.66 80.74 83.50 -38.1 30.9 3.4
WTI Crudea ($/barrel)
3.26 2.35 2.84 2.96 -27.9 20.8 4.4
Gasolineb ($/gal)
3.80 2.46 2.95 3.12 -35.1 19.9 5.7
Dieselc ($/gal)
3.38 2.52 2.91 3.10 -25.4 15.4 6.6
Heating Oild ($/gal)
13.89 11.97 11.59 12.54 -13.8 -3.2 8.2
Natural Gasd ($/mcf)
11.26 11.55 11.50 11.74 2.5 -0.4 2.1
Electricityd (cents/kwh)
a West Texas Intermediate. b Average regular pump price.
c On-highway retail. d U.S. Residential average.

28. Summer retail regular-grade gasoline prices
projected to average $2.92 per gallon
dollars per gallon
5.00
2008
Avg. $3.81
4.00 2010
2007 Forecast
Avg. $2.93 2009
avg. $2.92
Avg. $2.44
3.00
2.00
1.00
0.00
Jan-07 Jul-07 Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10 Jan-11
Tax Crude Margin* Monthly retail price
* Retail price minus crude oil cost minus taxes, per gallon

29. Summer retail diesel prices are projected to average
$2.97 per gallon, up $0.51 from last summer
dollars per gallon
2008
5.00 Avg. $4.37
2010
4.00 Forecast
2007
2009 avg. $2.97
Avg. $2.85
Avg. $2.46
3.00
2.00
1.00
0.00
Jan-07 Jul-07 Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10 Jan-11
Tax Crude Margin* Monthly retail price
* Retail price minus crude oil cost minus taxes, per gallon

35. 37.4
28.0
24.0
20.7
22.7
10.9
7.4
40.4
8.6

36. 0.2
26
36
34
4

37. 71
23 95
5
1
42
16
1

39. 2008 2035 %Change
Consumption Quads % Share Quads % Share
Liquid Fuels and Other Petroleum 38.35 38.3% 42.02 36.7% 9.6%
Oil 37.40 37.4% 38.10 33.3% 1.9%
Ethanol, Biodiesel and Green Liquids 0.95 0.9% 3.92 3.4% 312.6%
Natural Gas 23.91 23.9% 25.56 22.3% 6.9%
Coal 22.41 22.4% 25.11 21.9% 12.0%
Nuclear Power 8.46 8.5% 9.41 8.2% 11.2%
Hydropower 2.46 2.5% 2.99 2.6% 21.5%
Biomass & Renewables 4.27 4.3% 9.19 8.0% 115.2%
Other* 0.24 0.2% 0.22 0.2%
Total 100.09 100.0% 114.51 100.0% 14.4%
Oil and Natural Gas 61.31 61.3% 63.66 55.6% 3.8%
Oil, Natural Gas and Coal 83.72 83.6% 88.77 77.5% 6.0%

43. Carbon Emissions Per Capita Assuming Waxman-Markey Targets Are
Met
Metric Tons of CO2 Per Capita
Targeted
Reductions
Source: Garrett A. Vaughn, “How Much Will Americans Pay to Meet President Obama’s Timetable
for Cutting Greenhouse Gas Emissions?” Manufacturers Alliance/MAPI, ER-676, April 2009.