Let this paragraph, given the economic circumstances we now find ourselves in and the policies we’ve suffered under with this administration in reference to fossil fuels, sink in:
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 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.
In case you missed those numbers, that’s plus 3.6 million jobs and kicking up the GDP by as much as 3% by 2020.
And imagine the tax revenues that would bring as well.
Low cost fossil fuel will also do much, much more:
[T]here are signs the economic gains have begun to expand beyond the oil and gas fields and that the promise of abundant, low-cost fuels will give a competitive edge to industries from steel, aluminum and automobiles to fertilizers and chemicals.
In other words, low cost fuels will make our manufacturing sector more competitive which means more of it and more jobs as well. Right now (and for the foreseeable future) our natural gas is much less expensive than that in the UK and Europe. And we have literally trillions of cubic feet of it that is recoverable.
That’s starting to drive some massive private investment:
Companies plan to invest $138 billion in more than 700 natural gas storage, pipeline and processing plants in the U.S., and another $88 billion in more than 500 gas-fired power generation units, according to Joseph Govreau, vice president and editor-in-chief of Industrial Info Resources. The
firm tracks projects from planning stages through construction.
That’s only a portion of what this will spur, if allowed to go ahead. Fertilizer production, petrochemicals, etc., all could see a revival with cheap fossil fuel.
Democrats keeps saying that reviving the manufacturing sector should be a priority.
So here’s a valid means of doing so.
Yet for 3 plus years, this administration has done everything it can to slow walk or block increased production and exploration on federal lands and off our coasts. There’s no sign it plans on changing that.
This boom we’re talking about has taken place in a relatively very few areas, mostly privately owned:
So far, the economic benefits have been confined to states such as Louisiana, Texas and North Dakota, while the national jobless rate has stayed above 8 percent for 42 straight months in the wake of the worst recession in seven decades.
Seems like the proverbial “no brainer” doesn’t it? Open up federal lands and let oil companies responsibly and in an environmentally safe way explore for and exploit the natural resources we have and the country is put in the position to reap the benefits:
“This is one of those rare opportunities that every country looks for and few ever get,” said Philip Verleger, a former director of the office of energy policy at the U.S. Treasury Department and founder of PKVerleger LLC, a consulting firm in Carbondale, Colorado. “This abundance of energy gives us an opportunity to rebuild our economy.”
Or we can repeat these past 3 plus years.