The graph below is enlightening. With our lower cost and abundant energy, especially with the fracking technology, we should be entering a period of unparalleled prosperity with low cost production and transportation. Low cost energy should provide the opportunity to pay higher wages while being world competitive. Unfortunately the Obama regime is wasting this wonderful opportunity with his war on coal, impeding drilling on federal land, green energy subsidies, EPA regulations making it impossible to build new plants using hydrocarbon feedstock, denying pipeline permits, crony capitalism, etc.
This is why it is so important to keep our energy prices low. We can’t compete with low wage countries on wages, but we can compete with other countries on energy costs.