United States Soon to be Net Energy Exporter

     In a world economy where access to energy equals political power, the United States is poised to be become a net exporter of energy once again, and that will require some mental adjustment on many people's part.

     Decades ago U.S. oil wells were one of the principal sources of world energy.  During World War II, almost all of the fuel used by the Allies came from U.S. oil fields. As U.S. production peaked and began to decline, other nations reaped the economic and political benefits of providing energy to the U.S. and the rest of the world.  This forced a concentration of  American financial, military, and diplomatic resources to safeguard our supply of foreign oil to keep the American economy humming. That is all about to change, for the better.

     The new boom in domestic natural gas production has prompted a discussion as to whether domestic gas should be retained for the American market to help promote American manufacturing, leading to more competitively-priced good and more American jobs.  Others want to just export the gas, arguing that this will also provide balance-of-payments relief, reduce the balance of payments deficit,  and also add thousands of new jobs.  The Department of Energy has delayed its decision as to the granting of export licenses to consider this very issue.

     Although the export of natural gas would undoubtedly cause domestic prices to rise, this in turn would probably result in more money being available for exploration and production, leading to even higher employment.  It would also bring the United States new economic leverage and increased "soft power," and
help protect and promote American interests abroad without the human and economic costs of military entanglements.  That is a development that we could all welcome, but after decades of national concern about our dependence on foreign energy,  it will require some mental readjustment for all concerned.