Hooray! We have all the $90-$250/brl oil we can use! We’re saved! I’m glad we don’t have to worry about the economic impact of that or factor out anything inconvenient like EROEI. Glad to see that the oil companies and refiners can comfortably milk me for $4/gallon when there is so much oil production they are having a hard time finding places to store it.
The product also goes on the world market.
But this production is just about all there is preventing the Leftist idiots dream of $10/gal pump prices right here in America.
Price at the pump isn’t even what this thread was started in order to discuss. The question was how is this economic activity affecting the American economy. You do realize that is asking about GDP and jobs and decreased dependency on foreign oil, more than it is pump price, although nobody is dismissing pump price.
But the way to look at all of those things is to realize everything, and I mean everything, would be far worse than it is without this gangbusters shale activity.
It might be small comfort, but you would know the ill effects if this activity didn’t exist, which is what Obama and all Leftist minions WANT.