Obama turns his back on the US economy’s biggest success story
The shale gas (and oil) revolution has had a dramatic effect on the American economy. Suddenly, energy prices are greatly reduced — and competitiveness suddenly increased. Manufacturing that was “off-shored” years ago is being “on-shored” again. There is an industrial renaissance going on. There is huge prosperity in areas where shale gas operations are taking place — like North Dakota, for example.
The effect on America’s balance of payments is huge and positive. From being a major oil importer, America will become self-sufficient in oil and gas within five to ten years, according to Deloitte. And the prospects are for this oil and gas bonanza to last for decades.
Of course oil and gas are finite, and may run out sooner or later. But “Peak Oil” is a false summit. Hill-walkers are familiar with…
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