Publications: The Petroleum Economics Monthly

Breaking Loose from High Prices: Why Fracking Will Set the US Economy Free (October 2012)


Much of the world will face at least another ten years of petro-economic drag. Consumers and businesses across the globe will transfer significant portions of their economic output to oil and natural gas producers. The beneficiaries will be large integrated companies such as ExxonMobil and Shell and major oil-exporting countries such as Russia that have worked so hard to keep prices high.


One nation will not face another decade of petro-economic constriction: the United States. The US stands on the cusp of an economic growth surge thanks to the entrepreneurial skill of independent firms, the disdain of major oil companies, technological progress, and luck. By late in the current decade, the United States may even return to full employment despite the warnings of economic doubters. Such an outcome will depend on the low energy prices that give the country its competitive advantage and the willingness of legislators to address the nation’s fiscal imbalances. The nation’s long economic nightmare could be ending. This issue of The Petroleum Economics Monthly continues our review of the United States’ incredible energy fortune.


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