Fracking through the "shale gas revolution" created an economic boost during a time the economy needed all the help it could get, according to a new working paper published by the National Bureau of Economic Research. Fracking boosted the economy by $48 billion per year between 2007-13, according to the study's authors: Catherine Hausman and Ryan Kellogg of the University of Michigan.

The boost of $48 billion was only a central estimate, with estimates ranging from $37 billion to $56 billion 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 24,000-65,000 extra jobs in gas-intensive industries. In industries that are less gas-intensive, fracking still created between 280,000-610,000 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.

Through cheaper gas bills for heating and cooking, United States households have benefited from fracking to the tune of $17 billion per year.

The paper also estimated the economic effects of exporting more liquid natural gas. The $11.5 billion loss to U.S. consumers would be offset by an approximately equal gain for U.S. natural gas producers.

Hausman and Kellogg boasted their paper is the most comprehensive look at fracking so far, but acknowledged that a lack of environmental data made it difficult to go even further. "This paper provides what we believe to be the most comprehensive analysis to date of how shale gas development has affected the welfare of U.S. natural gas consumers — including both households and industries — as well as producers of natural gas," Hausman and Kellogg wrote. On possible environmental effects, they wrote, "For the vast majority of these impacts the data necessary to obtain an economic valuation do not exist."

Hausman and Kellogg suggest that benefits might grow even faster as fracking continues. "Future gains could be larger through long-run capital replacement and innovation effects, particularly on the demand side," they wrote.