Tags: Goldman | ONeill | US | Growth

Goldman's O'Neill: U.S. to Drive Global Growth

Friday, 30 March 2012 01:55 PM

The U.S. will drive global growth going forward, as Europe must work through its debt crisis, China will cool its once red-hot growth and oil prices stay high and weigh on global economic output, says Jim O'Neill, chairman at Goldman Sachs Asset Management.

Calling the U.S. economy "the forgotten one," O'Neill says developing shale gas will cushion the U.S. economy from high energy prices, while the housing sector is finally due to improve.

"I think the U.S. is going to continue to surprise for the next couple of courses," O'Neill tells Bloomberg TV.

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"Big picture there's all sorts of issues but I think the U.S. might continue to positively surprise."

Natural gas prices have fallen to 10-year lows due to the abundance of the commodity, with prices trading at $2.15 per million British thermal units, and talk of using it more to create electricity and even replace gasoline in cars is growing.

"The shale gas thing is a big story and I think it's helping quite a lot of industry think a lot more positively about the U.S. than has been the case possibly in a generation," O'Neill says.

Big automakers are already designing and rolling out trucks and cars that run on natural gas, and some experts predict the trend to grow as the market demands it.

"We are definitely in a pull market, we've been pushing for a long time but I think a tipping point has been reached," says Jim Harger, chief marketing officer for Clean Energy Fuels, according to AOL Energy.

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Friday, 30 March 2012 01:55 PM
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