The US “oil and gas boom” is now a fact: Politico said it

This new Politico article is interesting for many reasons, but what stands out to me is the article’s signal that an “oil and gas boom” is now a fact of US society (link). It states:

The explosion of domestic natural gas and oil production is arguably the biggest overlooked story of the past year. The International Energy Agency now projects the United States could blow by the Saudis by 2020 to become the leading oil producer in the world. The freshest sign: Monthly oil production in September hit a 15-year high. The reason is simple: the explosion of “fracking” to extract energy from abundant shale rock foundations.

No doubt, there are environmental concerns, especially for drinking water. But this could no doubt transform big swaths of the economy. It’s already creating tons of jobs in Texas and North Dakota — and could be part of a much bigger and broader jobs boom, if managed correctly by business and Washington policymakers.

 

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This entry was posted in an actually thriving labor market, economic recovery, macro-economics, money velocity, prices, the great contraction, the great contraction 2007-2012. Bookmark the permalink.

One Response to The US “oil and gas boom” is now a fact: Politico said it

  1. Pingback: Politico knows how US could centrally plan a “boom economy” | price of data

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