Fracking revolution means a more prosperous US

Telegraph:

"Energy autonomy will eventually give the US a strong strategic and political advantage," said Stephanie Kretz, a strategist at private bank Lombard Odier.

The phenomenon behind this prediction is well known. In recent years fracking, the new technique of hydraulic fracturing, has turned the US natural gas sector on its head, as it has given access to vast resources of gas trapped in shale rock at a low cost.

... In the immediate future, an abundance of natural gas and inexpensive energy will support jobs, particularly in the chemicals and fertiliser industry which is sensitive to low gas prices, says Kretz.It will also reduce the threat of inflation, as energy costs will be less likely to drive prices higher. 

In the longer term, the implications of the revolution in natural gas look even more far-reaching.By 2035, the US will be the world's second largest gas producer, with its output dwarfed only by Russia, according to the International Energy Agency. 

Meanwhile, demand should grow as this cheap gas replaces oil in many areas, as well as squeezing out coal and nuclear energy. 

This will eventually enable the US to become energy-independent and strengthen the dollar, Kretz believes. 

That is because as demand for gas increases, the relative size of the US's petroleum consumption will fall. 

Coupled with increased domestic oil production, this phenomenon will reduce the US trade deficit, she says, a boon for a country trying to shrink its budgetary deficit and slow the growth of its $15 trillion debt. 

"Although it will take years (probably five to 10) before the US current account turns into surplus, the trend is firmly in place," she said....

We will reach a balance much quicker if Obama is defeated.  Defeating Democrats should be the objective of Americans who are eager to turn around the economy and make us more independent.   Obama's alternative energy scheme will take far longer than drilling for our own resources.