Without The Energy Revolution, Job Growth Would Drag
ViewpointWithout The Energy Revolution, Job Growth Would DragBY STEPHEN MOORE AND KATHLEEN HARTNETT WHITE03/12/2015 06:28 PM ETJob growth is finally picking up, as we all know from bullish employment reports in January and February. But part of the jobs story isn't told: How much of the faster pace of hiring is a result of low energy prices in America relative to our international competitors.The shale oil and gas revolution is behind the fall in gasoline and electricity prices, which in turn is unleashing a comeback in many industries. Consider the U.S. manufacturing boom, which can be seen in the revival of factories selling everything from plastics, cars and chemicals to potato and micro chips.The turnaround has little to do with government programs or subsidies. A major springboard is the lowest-in-the-world energy prices found here in America. As the nearby table shows, the U.S. now has the lowest electricity prices of any of our major industrial competitors, with the exception of South Korea.The differential is gigantic compared to Europe, with our power costs for industry anywhere from one-half to one-fifth those of producers in Euroland.Shale gas drilling technologies have lowered the cost of natural gas from more than $12 per thousand cubic feet in 2008 to around $4.50 now. Natural gas at these low prices is gradually replacing the use of coal as the No. 1 source of electricity production in America though coal remains a cheap and major source of electricity production as well.This also explains how the U.S. has reduced its carbon emissions more than any other nation over the eight-year period ending in 2013.Read More At Investor's Business Daily: http://news.investors.com/ibd-editorials-viewpoint/031215-743200-shale-revolution-brings-job-growth.htm#ixzz3UH7vXwJw
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