Oik exports boost US trade balance
Fox Business:
Becoming the world’s leading oil producer has been “really good” for the U.S. trade balance, according to Pulitzer Prize winner Daniel Yergin.Besides the improved trade balance, the shale boom has created millions of good-paying jobs and help reduce DO2 emissions by leading to greater use of natural gas for power production. It sure beats wasting money on Chinese solar panels. It is one reason why the economy is booming and why the cost of living for US citizens has been reduced at the pump and on their electric bill in states not as goofy as California.
“Our trade balance would be $250 billion higher [if not] for its changed position in the United States,” he told FOX Business’ Stuart Varney Opens a New Window. on Tuesday.
The U.S. now produces around 13 million barrels of oil per day, compared to about 5 million barrels a day 10 years ago, Yergin noted.
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