Crashing seems a bit over-reaching to describe the chart above. It does look more impressive when you combine the reduced crude imports with the increased exports of refined products.
We achieve the above by actually importing more crude oil than we need ourselves, refining it while keeping the jobs and refinery capacity in the US, then exporting the higher value refined products.
That’s pretty typical of what’s happening in these Oil Patch areas. Tons of economic growth and a very small local population to take advantage of it.
I’ve heard of Tim Hortons in some parts of Alberta paying over $20/hr. for someone to pour coffee for oil workers.
My son was sent to Williston, ND, to do a job (oil patch). Said the local Wal-Mart had a help wanted sign on the front door. Starting pay $18/hr.
Something productive Obama hasn’t destroyed yet.
What's that, a tank of gas and one trip to the supermarket?
What the writer missed in that note is that the jobs invariably pay more than the median household income (one job), and often multiples of it. That means disposable income on the part of the employees, which is spent, creating jobs in other sectors. The rising tide lifts all boats.
Small wonder Dickinson is having trouble finding McDonald's employees...in Williston (about 120 miles north of Dickinson) I heard the signing bonus was $500, payable after 6 months employment.
Spin-off jobs and business opportunities are by no means limited to the region, though, all sorts of goods from elsewhere come in, creating jobs and supporting businesses in other states as well.
The Keystome Pipeline would also produce good jobs.