Report: Oil and Gas Boom Lifts U.S. Economy

…despite Obama’s war against fossil fuels.

The Wall Street Journal reports,

…An energy boom is revving up the U.S. economy. The use of new drilling techniques to tap oil and gas in shale rocks far underground helped add about 158,500 new oil and gas jobs over the past five years, and economists think it has created even more jobs in companies supplying the energy industry and in the broader service industry. U.S. oil production is rising for the first time in decades. Natural gas has become so plentiful that prices recently plunged to a 10-year low.

The economic benefits of rising energy production are spreading far beyond the traditional oil patch, to Ohio and Pennsylvania, Nebraska and New York, North Carolina and Idaho. Truck drivers from pretty much anywhere can find work related to the surging energy business. Private-equity firms completed $24.8 billion of energy deals of all types last year, up from $8.5 billion in 2010, according to data tracker Preqin. Manufacturing plants are returning to the U.S. to take advantage of cheap natural gas, spurring major investments in petrochemical and steel production in the Gulf Coast and Midwest…

Read the entire report.

2 thoughts on “Report: Oil and Gas Boom Lifts U.S. Economy”

  1. We are an energy based economy. The three most enegy intensive industries are metals, plastics and agriculture. Where would our economy be without those industries? Answering phones and writing software. We are not going down the path of renewable without our primary inputs.

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