PWC estimates that if shale oil is fully developed, US Gross Domestic Product could grow an additional 2-5 percent per year, greatly reduce the influence of OPEC, lower global energy prices, and with NatGas thrown in, add at least a million jobs to manufacturing that are now just going to energy costs.
That means- I’m saying this, not PWC- that we could significantly reduce the deficit, without drastically cutting benefits for a generation of Americans who have planned to count on it. It means- I’m saying this, not PWC- we don’t have to raise taxes. Actually it means we could go to some sort of a simplified tax code, like the fair or flat tax.
Here’s what I wrote a year ago about US shale oil development in The GOP Can Add 10 Million Jobs and $15 Trillion to US Economy without Spending a Dime–kind of a prescient title if one considers the president’s SOTU message:
And along the way, the U.S. would create at least 10 million new U.S. jobs, keeping around $500 billion per year here at home. Over twenty years that would be an additional $12.5 trillion in GDP even at a modest 2 percent growth rate. At 4 percent the numbers are closer to $15.5 trillion.
PWC estimates the GDP increase to be between 2-5 percent in the US. Using today’s GDP figures that’s between $300 billion and $750 billion, with my estimate being a nice midway point in the PWC estimate.
As I have pointed out all along, the Keystone pipeline issue isn’t about the safety of a pipeline. Obama and enviro-whacko friends know that if they allow Canadian tar sands oil to be developed via the Keystone pipeline, that the US will also start to develop their own tar-sands and shale oil. The US contains well over 600 years of known reserves and that would allow the US to be a net exporter of oil. If that happens, the “green” economy ruse that the left has sponsored, already reeling from bankruptcies and cronyism, would collapse.
It would show that there is no shortage of oil and “green” energy can not compete with fossil fuels.
From the UK’s left-wing Guardian:
"Digging up and burning new reserves of fossil fuels can only exacerbate the huge negative impact on the global economy of climate change," said Doug Parr, chief scientist at Greenpeace, in an emailed statement.
"Any short term price gains for consumers will ultimately be dwarfed by the impact of rising temperatures on every aspect of economic life."
Tony Bosworth, energy campaigner at Friends of the Earth, similarly warned of the environmental problems increasing fracking could cause, adding that governments should instead focus investment on green technologies.
"We've already got more than enough fossil fuels - more than we can afford to burn if we want to avoid catastrophic climate change," he toldBusinessGreen. "The UK has a huge renewable resource and if we want [to meet climate targets] we should be investing in those."
Because, yeah, that’s really working out well.
The website Green Corruption lists 23 bankruptcies and 29 troubled companies that took advantage of Obama’s green energy financing schemes…and counting
None of those messy jobs, or economic growth there.
Just the way liberals like it.
Yep, we can ruin that scheme.
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