A new global energy report from
Bank of America/Merrill Lynch estimates that the economic benefits to
the U.S. economy from booming domestic energy production, especially
from the surging output of unconventional shale gas and oil, are
approaching $1 billion per day.
To
calculate the economic benefits that are being generated from America’s
vast energy resources, Merrill-Lynch introduces the concept of “energy
carry” in its report, defined as an estimate of the daily dollar value
of the improvement in our energy balances, including “the natural gas
advantage of the U.S. economy relative to Europe or East Asia, the
growing revenues from increased exports of fuels, and the reduced crude
oil import bill.”
By
that measure, America’s “energy carry” was $900 million per day in
April, and the energy benefits to the economy will reach $1 billion per
day by the end of the year. Merrill Lynch estimates that the daily
“energy carry” in January 2010 was only $70 million per day, so the
daily economic benefits of energy to the U.S. economy increased
dramatically by a factor of more than 12 times in just a little over two
years.
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