The U.S. is on track to become the world’s largest oil producer in eight years and the biggest producer of gas in five, according to the International Energy Agency, which projects energy self sufficiency in 25 years. That remarkable turnaround not only shifts the U.S. relationship with the Middle East but, as economists at RBC Capital Markets predicted in recent research note, will reduce energy imports so far that it will shrink the U.S. trade deficit and eventually convert the current account deficit into a surplus. Inevitably, RBC argues, this will provide long-term support for the dollar.
Oil could go as low as 25.00. Inflation adjusted when it was 10.00. It could super charge the economy and payoff the deficit.
But blam, you have to understand that one of Obama’s goals this term is to end fracking and all other domestic energy production, except for solar and wind power.