Publications: The Petroleum Economics Monthly

Energy Independence and The New American Century: Implications of Energy Independence (February 2012)


Economists often drive with their eyes firmly fixed on the rearview mirror. They observe how things developed behind them but do not pay attention to bends in the road, slowdowns, or problems ahead. By remaining steadfastly focused on the past, economic forecasters often miss out on sudden openings that develop—at least until they have driven a few miles. This explains why economists have so many accidents. It also explains why economists make such poor race car drivers. They do not see the opportunities ahead.


This issue of The Petroleum Economics Monthly looks ahead, not back. We focus on the economic benefit of the United States’ transformation from a country heavily dependent on oil imports to one on its way to becoming an oil exporter. The shift will have profound effects.


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