U.S. Economy Has Gotten Lift By Going Deep To Retrieve Natural Gas

Until then, however, billions of dollars are pouring in from all over the world into hundreds of domestic industrial complexes. U.S. ports are busy, particularly those along the Gulf Coast. They are taking in the heavy materials used to build those plants as well as exporting the finished products created at those facilities.

While the energy sector is a major driver in the economy’s recovery, the pace has generally been lethargic. According to William & Mary’s Hewitt, gross domestic product peaked in the fourth quarter of 2007 and it bottomed out in the second quarter of 2009. Since then, it has been growing at about 2 percent a year.

However, “total real consumption, which drives our economic growth, (has been) virtually flat since since late 2007,” says Hewitt. Future expansion will likely be attributed to the emerging nations of China and India, which have burgeoning middle classes and which will also need American-made goods and energy services, she adds.

The levers of economic strength are shifting. While developing nations will ultimately have more buying power, it is the relative sudden rise of natural gas in this country that is generating growth and creating strategic opportunities.

via U.S. Economy Has Gotten Lift By Going Deep To Retrieve Natural Gas.