U.S. world's #1 energy producer
The U.S. passed Russia as the world’s largest energy producer thanks largely to the spread of new technologies such as fracking. I know I write about this in breathless wonder every couple of weeks, but it keeps on getting more and more amazing. Our great boom in energy production is coming at a time when the U.S. is becoming more energy efficient. Our leverage in the world increases with each barrel produced or replaced. The Middle East matters much less and Russia is the big loser from this technological revolution. In other words, the good guys are doing much better in relation to the others.
The center of the energy world is shifting to the Americas, good for us.
So what happens to all those benighted regions of the Middle East. It looks like they will become China's problem and welcome to it. We may be able to fulfill what Lyndon Johnson said in a different context, "We are not about to send American boys nine or ten thousand miles away from home to do what Asian boys ought to be doing ..." I expect that both our friends and enemies in the region will appreciate the U.S. more when we are no longer so active. The Chinese view being fair & gentle with with less enthusiasm than we do.
This energy bonanza is the best thing that happened to us in the last decade, maybe since the fall of the Berlin wall in 1989. It is the true stimulus, keeping our economy afloat in spite of the Obama doldrums. If we had elected Romney last year, we would be booming by now. But even with Obama, we will be okay with all this new energy.Posted by Christine & John at October 4, 2013 8:27 AM