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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XXJefferson51
9 years ago
Our gas prices for transportation are also much lower today than in most of the rest of the world. Today's gasoline costs at the pump are about half those of Europe. The combination of higher prices of electricity and gasoline means higher prices for consumers and lower living standards.These price rises hurt the poor and act like a regressive tax. In every way the renewable energy fad in Europe has had catastrophic effects for the middle class. By contrast, the U.S. domestic oil and gas story is a classic win-win for consumers and producers. Keeping energy prices in America low has been the best way to bring back jobs and to help reduce the gap between rich and poor.Remember this the next time President Obama who won't allow pipelines to be built or drilling on public lands, and who won't rein in the EPA lectures us on income inequality and the need to go green.Read More At Investor's Business Daily:
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