Re: Drill baby drill ...
posted at 7/5/2014 11:44 AM EDT
Idiocy! So...you prefer windmills and fairy dust for your energy needs, I take it?..
The US oil and natural gas fracking boom , opposed at every step by the green energy Obama anti-free market zealots, is the only thing that kept the pathetic Obama economy from totally tanking...
Along with increased energy supplies comes growth in industry jobs. According to a recent study by IHS, the unconventional oil and gas value chain supports more than 2.1 million jobs today, a figure forecast to rise to more than 3.3 million jobs in 2020 and 3.9 million by 2025. The oil and gas value chain’s contribution to U.S. GDP was more than $284 billion in 2012, and is on track to grow to $533 billion in 2025. IHS foresees the U.S. trade deficit reduced by more than $164 billion in 2020 thanks to unconventional production, equivalent to one-third of the current U.S. trade deficit.
"The increases in American oil and natural gas production have not only led to local, regional, and national benefits in terms of jobs, economic growth, and government revenues, but these gains are having international impacts as well. Increased American production has bolstered economic competitiveness, offered greater flexibility in energy inputs including feedstock for U.S. manufacturing, and provided greater options for the U.S. to earn export revenue. By reducing reliance on energy imports, American oil and natural gas have enhanced national security and increased U.S. international political and economic leverage.
As China, Russia, and the Middle East have illustrated, energy plays a critical role in foreign policy as well as domestic economic policy. And in a global economy where oil and natural gas play such a foundational role, the energy supply renaissance in the U.S. has indeed put our country in an enviable position. The U.S. has begun to experience some of these ripple effects as increased U.S. production has both increased the average American household income and improved our trade deficit."
Domestic oil and gas production has driven gasoline imports to near zero, while the U.S. is churning out nearly 10 million barrels a day. Despite all this, there has been little relief at the pump due largely to factors outside America's control.