U.S. energy supplies have been transformed in less than a decade, driven by advances in technology, and the economic implications are only beginning to be understood. U.S. natural gas production will expand to a record this year and oil output swelled in July to its highest point since 1999. Citigroup Inc. (C) estimated in a March report that a “reindustrialization” of America could add as many as 3.6 million jobs by 2020 and increase the gross domestic product by as much as 3 percent.The article states that US oil imports have dropped 17% sine 2005. That is good news. The entire article is worth reading.
Thursday, August 16, 2012
The Economic Impact of Energy
Here is an article from Bloomberg on the economic impact of oil and gas development. The article was published last weekend. This paragraph below presents some encouraging stats and projections: