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Steve McIntosh Report Blog

Energy independence by 2020?

A recent story in U-S Today quotes Citigroup analysts who are highly optimistic about the United States’ energy future. The story says “The U.S. is already the world’s fastest-growing oil and natural gas producer. Counting the output from Canada and Mexico, North America is ‘the new Middle East’, Citigroup analysts declared in a recent report.”
The U.S. Energy Information Agency says U.S. oil imports will drop 20% by 2025. Citigroup says the U.S. … or at least North America … can achieve energy independence by 2020. Citigroup says in practical terms, more energy independence could mean 3.6 million new jobs.
Here in south central Kansas … even as we begin to scratch the surface for wind energy … there’s a lot of new drilling for oil and gas. That should mean jobs and a generally stronger economy for the area. It should also mean better schools and civic services for all.
We cannot destroy the profit incentive for the risk-takers. But exploiting our state’s natural resources should not mean creating immense wealth for a very few … and nothing for the average citizen.
Our thought for today is from J. Paul Getty:
“The meek shall inherit the Earth, but not its mineral rights.”

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Topics : Business_FinanceEnvironment
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Locations : KansasMiddle East
People : J. Paul Getty

05/22/2012 12:57AM
Energy independence by 2020?
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