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UK Telegraph: Shale Energy Leading to New US Independence

By    |   Tuesday, 30 Oct 2012 07:54 AM

Thanks to huge potential from shale oil and natural gas extraction, the United States is headed toward an industrial renaissance and even energy independence, according to an analysis by the Telegraph.

The British newspaper said the United States could become the world’s biggest energy producer in 2014.

“We receive fresh evidence by the day that swathes of American industry have acquired a massive and lasting advantage in energy costs over global rivals, demolishing assumptions about U.S. economic decline,” the newspaper reported.

Editor's Note: The Final Turning Predicted for America. See Proof.

The Telegraph cited 50 new projects in the U.S. petrochemical industry, including $30 billion of fresh expenditures in ethylene and fertilizer plants alone, attributable to shale gas utilization.

“This means a more competitive manufacturing sector, more jobs and a growing economy,” said Cal Dooley, CEO of the American Chemistry Council. His industry group claimed even a modest increase in the natural gas supply from shale would generate more than 400,000 new U.S jobs, more than $132 billion in U.S. economic output and $4.4 billion in new annual tax revenue.

Dooley said the shale gas mother lode is helping reverse the fortunes of the chemical, plastics, aluminum, iron and steel, rubber, coated metals and glass industries.

The nation’s energy rebound is made possible by hydraulic fracturing, during which high-pressurized water is injected into rock to extract shale gas and oil, although solar and wind energy growth is also playing a part, the Telegraph said. Shale energy production in North Dakota is now twice as high as that coming from the conventional Prudhoe Bay field in Alaska, the newspaper said.

The Associated Press reported last week that U.S. oil output, driven by high prices and the new drilling methods, is rising so fast that the United States could soon overtake Saudi Arabia as the world’s biggest producer.

By contrast, the Telegraph said that Europe is drifting toward “energy suicide.”

“What is staggering is the near total failure of Europe’s leaders to face up to this new world order, or to prepare for their energy crunch ahead,” the newspaper said.

Germany plans to shut down its nuclear plants by 2022 while emphasizing growth of renewable energy sources. “There is huge fear about the energy switch,” said Volker Treier of the German Chambers of Industry. “We have no realistic plan to replace nuclear power. Electricity costs are already very high.”

Meanwhile, France has slapped a drilling moratorium on shale, Italy has banned nuclear power and the United Kingdom is closing coal plants, the newspaper said.

Editor's Note: The Final Turning Predicted for America. See Proof.

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Thanks to huge potential from shale oil and natural gas extraction, the United States is headed toward an industrial renaissance and even energy independence, according to an analysis by the Telegraph.
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Tuesday, 30 Oct 2012 07:54 AM
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