Skip to comments.CITI: The US Energy Industry Is Going To Grow So Fast, It Will Spark A New 'Industrial Revolution'
Posted on 03/21/2012 6:49:08 AM PDT by SeekAndFind
Oil and gas production in the United States and North America is going to skyrocket in the next 8 years due to strides in natural resource extraction, write Citi analysts in a report published yesterday. In fact, they went so far as to call North America "the new Middle East," at least in terms of oil production.
This—as well as a trend towards declining U.S. energy consumption—will completely transform both domestic economy and the threats the U.S. will face in the future,
Indeed, Citi economists expect total liquids production to as much as double for the continent in the next decade, and predict that the U.S. could overtake both Russia and Saudi Arabia in oil production by 2020:
That's because there is incredible potential to extract and refine energy products on domestic soil:
Citi Investment Research and Analysis
This energy boom would have a transformative effect on the domestic economy. Here are just a few of the most astonishing consequences in a "good-case" scenario:
Citi analysts expect real GDP to increase by 2.0 to 3.3 percent—$370 to $624 billion—as a consequence of new production, a decline in energy consumption, and the economic activity generated along with this.
3.6 million new jobs could be created by 2020 as a consequence of increased energy production. Of those new jobs, some 600,000 would probably be devoted to oil and gas extraction while 1.1 million would be generated to meet demand in related industrial and manufacturing sectors. National unemployment could subsequently decline by up to 1.1 percent.
(Excerpt) Read more at businessinsider.com ...
He must find a way to put a stop to it.
That’s only half the positive story here. Inexpensive and reliable supplies of energy are already leading to impressive domestic investment in chemicals, steel production and other energy intensive industries, creating still more jobs.
It will also mean natural gas powered vehicles will become serious competitors for gasoline.
And yes, the liberals are doing everything in their power to try to stop it from happening.
Did I miss something, or is carbon dioxide not still codified in law as a pollutant/contributor to global warming?
I think the author of the article is forgetting who the President is.
He must find a way to put a stop to it. Fixed!
And unless you stop breathing....YOU ARE CAUSING GLOBAL WARMING.
We are better positioned today to withstand a spike in energy prices than we have been in 50 years, and far better positioned than either our friends in Europe or China.
Anyone in the oil & gas industry here?
We have property in rural WV - just south of Parkersburg. Would love to move down there, but there are few IT jobs there. Seems like the shale plays down there could provide some opportunities.
I’m 44 - don’t think I’m too young to learn a different career path, especially if in a technical field.
Would there be any jobs for me in this industry and, if so, how would I go about preparing myself?
My investment advisor and several investment magazines have been saying that the US is going to explode on the energy market as soon as the right policies are enacted or regulations repealed.
Sadly, America’s wealth cannot be leveraged due to politics.
Which stocks are they recommending? :-)
COP & XOP were reccomended by guests on Varney & Co. (FOX Business) There are others of course. I bought both but concentrated on COP because it was doing better. XOP will probably pick up IF government lets this articles premis to play out.
They haven’t moved the chips over to BUY yet, but most of the recommendations are toward Marathon Oil (MRO) and EOG Resources (EOG). They’re big time holders of oil lands in Texas.
I think The Street reviewed them as promising, but a lot of this is based on the removal of fracking regulations, among other things.
They knew all along that unless they threw the Al Gore Hail Mary, their enemy Big Oil was going to get Bigger.
I’ve been saying here: our future economy will be based on energy exporting.
We will have a balance of this plus being a place of innovation and the source of trend and technology. Plus we get be more relaxed about what goes on in the sand countries.
We still have debt and certain states who refuse to enable capital enterprise at their peril.
DISMANTLE the U.S. Department of Energy. It has become a slush fund to launder our money to political hacks and social-engineers. Less UNaccountable bureaucrats/regs (socialists), more energy/freedom.
Only if Obama and the EPA are fired this year.
I seriesly doubt this prediction, but would be happy to be wrong.
F U B O
I sent a private message.
Only if the government allows it. Or, if enough producers just start ignoring the government arbitrary and capricious edicts.