Will This Industry Lead American Economic Growth for the Next Dec
The U.S. is still recovering from the Great Recession, which has substantially lowered America’s economic growth levels. This lack of economic growth is preventing job creation and leading to a persistent and sustained elevated level of unemployment. In spite of the current weak economy and the ineptitude of politicians to take concrete actions in building a solid economic foundation, I believe that one of the main drivers for economic growth over the next several decades will be a derivative of oil prices.
Let me explain. While politicians bicker on both sides, American ingenuity has led the world in technological innovation when it comes to energy extraction; so much so, that the International Energy Agency (IEA) has just come out with a report stating that by 2017, the United States will be the top oil producer in the world, replacing Saudi Arabia. In that same report, by 2015, the U.S. will be the top gas producer in the world. When people around the world think about gas and oil prices, they will look to America as the world leader in technological innovation that is driving this commodity sector. (Source: “U.S. to overtake Saudi as top oil producer—IEA,” Reuters, November 12, 2012.)