The nonprofit think tank Brookings Institution has an opinion piece on its web site where the authors argue that cheap energy, led by shale-derived fuels, could "save" the economy.
The piece, "Could Cheap Gas Save the Economy?" by Martin Neil Baily and Philip K. Verleger Jr. starts off:
Something is badly needed to get the economy moving again and avoid another slowdown.
The good news is that cheaper gas could be the answer. America has hit the energy jackpot with new techniques to extract oil and gas from shale.
The recent widespread use of a technique called hydraulic fracturing, or "fracking," and improved drilling technologies such as horizontal completion to harvest gas from shale, could provide a much-needed economic boost.
Shale extraction represents one of the most important developments for the economy in the last 60 years. It's pushing down energy prices and creating many new opportunities for jobs, investments and manufacturing.
And the new innovations are unique to the United States.
To read the rest, go here