Last week the U.S. Energy Information Administration released a forecast showing that China will overtake the U.S. as the largest importer of oil in the world by 2014. The news, while mostly encouraging, also brings some cause for concern.
On one hand, this news is a positive byproduct of robust domestic oil production here in the United States. Due to advances in technology and the shale revolution, we are producing more of our own supply and becoming more energy independent every day. In fact, the fastest growing sector in North America is energy, and the huge reduction in oil imports has had a positive impact on our trade deficit.
On the other hand, U.S. consumers are using less oil because our economy is not as robust as it should be. We are not creating manufacturing jobs the way we could be due to uncertainty and burdensome federal regulation, among other things.
Energy will continue to be a vital part of our economy and the life blood of manufacturers. Developing our energy resources whether shale gas, coal, renewable energy or oil makes good sense and will provide us greater security and certainty. The good news is we have the resources to be more self-sufficient, but the bad news is that our own government may be the largest obstacle to economic growth.
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