March 21, 2012

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FYI.  Something I think we have known for a while but the Press finally seems willing to admit.
 
From CNBC citing Citigroup,
 
“The bank estimates that total North American energy production will rise from 15.4 million barrels per day in 2011 to almost 26.6 million barrels per day by 2020, boosting gross domestic product (GDP)  and creating ripple effects throughout the economy.”
 
“In its analysis, Citigroup acknowledges infrastructure bottlenecks and legislation that blocks exports of crude oil of U.S. origin. It also points out that new environmental regulations could prevent the scenario from playing out. But the analysts point out the surge in energy production could be game-changing.
 
“It would not only improve incomes and create jobs, but also improve national energy security and reverse perennial current account deficits.””
 
And even the New York Times admits, “At the same time, domestic oil production is actually increasing after decades of decline, meaning we have to import less than before.” http://www.nytimes.com/2012/03/21/opinion/oil-under-our-noses.html?_r=1&ref=opinion
 
 
Perhaps President Obama should just get his Administration out of the way!!