The biggest driver of growth for 2014 seems to be the turnaround in US fossil fuel production, through tracking. The controversial technique involves the injection of water, sand and hundreds of chemicals into shale rock layers to extract natural gas and oil. Now the US is producing 30% more oil and gas than 10 years ago and moving ahead of Saudi Arabia and Russia in production.
It's full of environmental and social trade-offs. It reduces the need on coal and foreign fuel, yet potentially pollutes and damages water sources, and perhaps impacts investment in the ultimate need of more renewable fuels. But from a short term economic perspective, this generally looks like faster economic growth and the stimulus to finally drive out of the Great Recession. Fertiliser companies, Chemical manufacturers and Aluminum Smelters are budgeting billions in US investment due to the lower energy prices.
Longer term, the US still needs to continue to improve overall education, training and skills to build more leadership in a more technical world. And global energy requirements will likely double by 2050, so renewable sources are a necessity not a luxury for the left. Beyond the sources themselves though, we can probably realize amazing efficiencies through more complex and intelligent distribution, storage, generation at local, regional and global levels.
But if people can find $100k manual jobs in the short term, that may help the country with more time to fix and prepare. And Obama could have a fortunate end to his presidency.
More on the world of tracking:
The New Energy Paradigm - NationalJournal.com
It's full of environmental and social trade-offs. It reduces the need on coal and foreign fuel, yet potentially pollutes and damages water sources, and perhaps impacts investment in the ultimate need of more renewable fuels. But from a short term economic perspective, this generally looks like faster economic growth and the stimulus to finally drive out of the Great Recession. Fertiliser companies, Chemical manufacturers and Aluminum Smelters are budgeting billions in US investment due to the lower energy prices.
Longer term, the US still needs to continue to improve overall education, training and skills to build more leadership in a more technical world. And global energy requirements will likely double by 2050, so renewable sources are a necessity not a luxury for the left. Beyond the sources themselves though, we can probably realize amazing efficiencies through more complex and intelligent distribution, storage, generation at local, regional and global levels.
But if people can find $100k manual jobs in the short term, that may help the country with more time to fix and prepare. And Obama could have a fortunate end to his presidency.
More on the world of tracking:
The New Energy Paradigm - NationalJournal.com
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