The North American Energy Colossus Will Fuel Our Hydrocarbon Future and Create Prosperity, Jobs

The Manhattan Institute released a study today by Mark P. Mills, titled "Unleashing the North American Energy Colossus: Hydrocarbons Can Fuel Growth and Prosperity," here are a few excerpts:

Executive Summary: "The United States, Canada, and Mexico are awash in hydrocarbon resources: oil, natural gas, and coal. The total North American hydrocarbon resource base is more than four times greater than all the resources extant in the Middle East. And the United States alone is now the fastest-growing producer of oil and natural gas in the world.

The recent growth in hydrocarbons production has already generated hundreds of thousands of jobs and billions in local tax receipts by unlocking billions of barrels of oil and natural gas in the hydrocarbon-dense shales of North Dakota, Ohio, Pennsylvania, Texas, and several other states, as well as the vast resources of Canada’s oil sands. 

It is time to appreciate the staggering potential economic and geopolitical benefits that facilitating the development of these resources can bring to the United States. It is no overstatement to say that jobs related to extraction, transport, and trade of hydrocarbons can awaken the United States from its economic doldrums and produce revenue such that key national needs can be met—including renewal of infrastructure and investment in scientific research.

Conclusion: The U.S. has yet to adopt a coherent policy in response to the deep changes in energy demand and supply. The world will need enormous quantities of hydrocarbons in the future, regardless of and despite substantial gains in energy efficiency and alternative energy deployment. No single region of the world could make as significant a difference to the supply dynamic as could North America. In the energy arena, North America, to paraphrase, is punching below its weight class.

And, in these trying economic times, expanding hydrocarbon production may be the single most important opportunity for economic growth for the U.S. and North America."

Here's the press release and here's the full study.

HT: Steve Hayward and Ken Green