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With Biden sinking the Keptsone pipeline and with the suspension of permits for Fed land gas and oil development, what does Biden expect to come? I know that oil prices are lower than there were a decade ago, but that has a massive impact on the US, just economically, not just the political implications.
The last recovery from the GFC was basically Texas and fracking
In fact, Obama actively worked to restrict the industry that led the economy as a percentage of GDP growth. Oil and gas development accounted for nearly half of GDP growth, and the 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% in the post-shale boom. Without oil and gas development, there would have been almost no economic or job growth during the Obama administration.
Without fracking and the related industries, you would have had an even slowly Euro like recovery and perhaps a double dip recession.
Meanwhile with the Keystone pipeline alone you are losing thousands of jobs, at a time when they are moist needed. You can't just spend out of a recovery, there also needs to be an economic engine that starts up and creates jobs and earnings. With oil and gas muzzled, do you see a long term recovery, or more of like the last time where jobs only crept back?
I worry about this 'In the last year of Obama's presidency, growth shrunk to 1.6%, and the concern was the possibility of another recession. That's some boom.'
All of which will lead to more social unrest and instability.
https://www.realclearpolitics.com/a...was_no_economic_boom_under_obama_144425.html#!
https://www.washingtonexaminer.com/opinion/barack-obama-didnt-power-the-recovery-oil-and-gas-did
https://www.nbc11news.com/2021/01/2...y-suspension-for-federal-oil-and-gas-permits/
The last recovery from the GFC was basically Texas and fracking
In fact, Obama actively worked to restrict the industry that led the economy as a percentage of GDP growth. Oil and gas development accounted for nearly half of GDP growth, and the 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% in the post-shale boom. Without oil and gas development, there would have been almost no economic or job growth during the Obama administration.
Without fracking and the related industries, you would have had an even slowly Euro like recovery and perhaps a double dip recession.
Meanwhile with the Keystone pipeline alone you are losing thousands of jobs, at a time when they are moist needed. You can't just spend out of a recovery, there also needs to be an economic engine that starts up and creates jobs and earnings. With oil and gas muzzled, do you see a long term recovery, or more of like the last time where jobs only crept back?
I worry about this 'In the last year of Obama's presidency, growth shrunk to 1.6%, and the concern was the possibility of another recession. That's some boom.'
All of which will lead to more social unrest and instability.
https://www.realclearpolitics.com/a...was_no_economic_boom_under_obama_144425.html#!
https://www.washingtonexaminer.com/opinion/barack-obama-didnt-power-the-recovery-oil-and-gas-did
https://www.nbc11news.com/2021/01/2...y-suspension-for-federal-oil-and-gas-permits/
