During a speech at Northwestern University earlier in the month, President Obama surprised many in the anti-fracking crowd with strong support for domestic oil and natural gas production. President Obama spoke on the economic benefits, as well as the energy independence, provided by domestic natural gas exploration.
The President again called out America’s 100 year supply of natural gas, noting that our abundant natural energy resources were a prime factor in drawing jobs back from overseas plants and manufacturing centers. Energy In Depth staff member Ben Seifer notes that low-cost, abundant domestic energy sources “go hand-in-hand with a healthy manufacturing sector, which uses the fuel as a key feedstock.”
Mr. Seifer further noted that abundant, affordable supplies of natural gas have helped kickstart a resurgence in domestic manufacturing, due to energy rates that are 2.6 to 3.8 lower than overseas competitors, according to a report from the Boston Consulting Group.
President Obama had this to say on the matter: “American manufacturing has added more than 700,000 new jobs. It’s growing almost twice as fast as the rest of the economy. And more than half of all manufacturing executives have said they’re actively looking at bringing jobs back from China.”
How productive have America’s domestic hydraulic fracturing programs been in contributing to our national energy reserves?
“Today, the number one oil and gas producer in the world is no longer Russia or Saudi Arabia; it’s America. For the first time in nearly two decades, we now produce more oil than we buy from other countries. We’re doing it so fast that two years ago, I set a goal to cut our oil imports in half by 2020 – and we will meet that goal this year.”
There you have it.