2aguy
Diamond Member
- Jul 19, 2014
- 111,968
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I heard this writer on the Dan and Amy morning show here in Chicago...he went through the facts of the obama economy, and what biden will do to crush the U.S. energy sector and economy if he wins in November....
Let’s take a quick review of the Obama economy that Biden is happy to take credit for and seeks to emulate. The economy under Obama averaged just 2% GDP growth, the “new normal,” as New York Times opinion columnist Paul Krugman named it. To be fair, assuming office in the middle of a recession is no blessing, but Obama’s attachment to Keynesian economics slowed down the nation’s recovery.
In fact, the Obama administration actively worked to restrict the very industry that led the economy as a percentage of GDP growth. Oil and gas development accounted for nearly half of GDP growth and the hydraulic fracking boom alone accounted for 9.3 million jobs, nearly half of the jobs created during his entire presidency. States such as Texas contributed nearly 70% of all jobs created during the Obama administration. Wage growth for workers in the natural gas industry also skyrocketed, with workers in states such as North Dakota seeing their weekly wages increase up to 40% post-shale boom. Without oil and gas development, there would have been almost no economic or job growth during the Obama administration.
Energy production laid the foundation for energy independence. Offshore drilling and the shale boom resulted in a decline in imports of foreign oil. By the end of the Obama years, the United States saw a 74% increase in oil production. By 2016, imports of foreign oil had declined by 4 million barrels since before Obama assumed office. Yet, it wasn’t until President Trump implemented a laissez faire approach to energy that America was finally able to achieve energy independence.
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By 2014, 98.5% of fracking occurred on nonfederal lands. Permits for federal onshore extraction during the Obama administration declined. For all the talk of Russian meddling in American affairs, there’s clear evidence the Kremlin funded the anti-fracking movement.
www.washingtonexaminer.com
Let’s take a quick review of the Obama economy that Biden is happy to take credit for and seeks to emulate. The economy under Obama averaged just 2% GDP growth, the “new normal,” as New York Times opinion columnist Paul Krugman named it. To be fair, assuming office in the middle of a recession is no blessing, but Obama’s attachment to Keynesian economics slowed down the nation’s recovery.
In fact, the Obama administration actively worked to restrict the very industry that led the economy as a percentage of GDP growth. Oil and gas development accounted for nearly half of GDP growth and the hydraulic fracking boom alone accounted for 9.3 million jobs, nearly half of the jobs created during his entire presidency. States such as Texas contributed nearly 70% of all jobs created during the Obama administration. Wage growth for workers in the natural gas industry also skyrocketed, with workers in states such as North Dakota seeing their weekly wages increase up to 40% post-shale boom. Without oil and gas development, there would have been almost no economic or job growth during the Obama administration.
Energy production laid the foundation for energy independence. Offshore drilling and the shale boom resulted in a decline in imports of foreign oil. By the end of the Obama years, the United States saw a 74% increase in oil production. By 2016, imports of foreign oil had declined by 4 million barrels since before Obama assumed office. Yet, it wasn’t until President Trump implemented a laissez faire approach to energy that America was finally able to achieve energy independence.
-----
By 2014, 98.5% of fracking occurred on nonfederal lands. Permits for federal onshore extraction during the Obama administration declined. For all the talk of Russian meddling in American affairs, there’s clear evidence the Kremlin funded the anti-fracking movement.
Biden wants to kill an economic gold mine - Washington Examiner
Just last week, Joe Biden once again reaffirmed his commitment to killing the fossil fuel industry. Ironically enough, it was fossil fuel development, namely natural gas and the fracking boom, that accounted for the vast majority of growth and job creation during the economic “recovery” of his...
www.washingtonexaminer.com
