There may be some good news about America’s economy coming in 2015. Starting next year, the U.S. will begin exporting energy supplies.
IBItimes reports that America is poised to surpass Russia and Saudi Arabia as the world’s top oil producer. According to Maria van der Hoeven, Executive Director of the International Energy Agency, “The big supply story has been the unprecedented production growth in recent years in North America.”
Unfortunately, the quantity will not be sufficient to dramatically impact the national economy since the vast untapped resources on federal lands still remain off limits. A further deterioration of the energy picture both for Americans and our allies overseas may also occur if the President’s carbon emissions plans go into effect.
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A further increase in energy exports may come if a 40-year old ban on the export of most US oil is lifted. The ban was a response to the energy shortages of the 1970’s. In a recent study, the Brookings Institute found that lifting the ban on crude oil exports will boost economic growth, lower gas prices, and enhance America’s global power.
Energy prices remain a challenge to economic growth in the United States, where gas has risen from $1.78 when President Bush left office to the current average of $3.41 today.