The shale revolution has quickly and completely remade America’s energy landscape, leaving us in a much stronger position, both economically and geopolitically, than where we found ourselves just a decade ago. The FT reports:
The price gap has led to a 6 per cent average increase in US manufactured product exports, the IMF wrote in its twice-yearly World Economic Outlook. [...]Lower prices for natural gas favour energy- and gas-intensive industries, such as steelmaking, oil refining, and nitrogen fertiliser production. The International Energy Agency has previously warned that Europe will lose a third of its share of global energy-intensive exports over the next two decades because its energy prices will remain stubbornly higher than those in the US.
Cheap energy is key for economic growth, and a glut of natural gas is leading to a kind of small renaissance in American manufacturing, especially in energy-intensive industries. More fracking means more gas, lower prices, and growth potential for firms that use that gas.
The oil is the only way that the nation can get out from under the debt that your president saddled us with.
ReplyDeleteThen pump it, frack it and sell it.
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