The overall response surprised me in that the consensus from the FReeper community was that the effect on the economy would be negligible.
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My read is that the oil boom is adding about 2% to gnp growth annually.
imho, this thing is as profound as US peak oil production back in 1970 and the first saudi oil strike three years later in 1973.
From all indications the USA will add a million barrels a day for at least the next two years 2014 and 1015 —bringing the five year production increase to 5 million barrels @ day.
this is just huge. that is the USA is on the way to surpassing the big saudi production increases of 1969-73 and the russian oil increases of 2002-2007.
When reading the article I mentioned about a month ago, I was very excited to read about the oil boom and the prospects it conveyed regarding the state of economic health as an auspiciuous harbinger for the future of America despite all that the POS in the White Hut has desperately done to undermine. And so queried FReepers about what it meant and how it would effect us in the long run. I was certainly disappointed by the overall consensus as echoed by the comments on the thread by those who I believed had more expertise on the issue than myself to be better qualified to concur with my overall exuberance regarding the oil boom. But needless to say, I was rather surprised and very much disappointed. But you've provided me with the uplifting news I was very anxious to hear. Thank you very much.