Summer Break Edition Part 2: American energy production hits record margin; American workers "doing better than at any time on record"; American stocks dominate global markets
Reuters: US energy production exceeds consumption by widest-recorded margin
U.S. energy production overshadowed consumption by 9 quadrillion British thermal units (quads) in 2023, according to an analysis released by the U.S. Energy Information Administration (EIA) on Wednesday that showed the widest margin in records dating back to 1949.
Energy production rose 4% to hit a record of nearly 103 quads in 2023, the analysis found, while energy consumption eased 1%.
The 2023 rise in U.S. energy production was driven by increases in natural-gas and crude-oil production, the analysis found. Multiple indicators suggest that the U.S. oil and gas industry has thrived under President Joe Biden's administration, despite its push to decarbonize the U.S. economy.
Washington Examiner: Reps Michelle Steel (R-CA) and Susie Lee (D-NV) on how to unlock America’s full energy potential
As the United States confronts the challenges posed by the rise of hostile foreign powers and a changing climate, we must embrace geothermal energy as an innovative approach to energy production.
Utilizing geothermal energy is key to reducing emissions, growing our economy, undoing our dependence on foreign adversaries, and securing American energy security. That’s why it’s crucial for House Speaker Mike Johnson (R-LA) to bring to the House floor our bipartisan legislation, which would greatly unlock geothermal exploration and development.
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HR 6474 would amend the Energy Policy Act of 2005 to expedite geothermal exploration and development in previously studied or developed areas, minimizing any on-the-ground impacts — and making sure that the geothermal community can access a flexibility that the oil and gas industry was provided nearly two decades ago.
Axios: The case against the doom-and-gloom view for American workers
American workers have done far better over the last five decades than conventional wisdom would have it, a new report argues.
Why it matters: There's no doubt the U.S. has plenty of problems, as does its workforce — but those problems come against a backdrop of steadily rising prosperity since the early 1990s, the Economic Innovation Group finds.
What they're saying: "Simply put: The American worker is doing better than at any time on record across a vast array of important measures," wrote Adam Ozimek, John Lettieri, and Benjamin Glasner with Washington-based EIG, a centrist think tank.
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It's easy to have a gauzy recollection of the past, and there are certainly aspects of modern life that are harder than they once were. But being clear-eyed about how Americans fare today versus in decades past gives a sunnier picture.
The Economist: American stocks are consuming global markets; that does not necessarily spell trouble
Sixteen years ago American stock markets reached their modern nadir. During the early 2000s European and emerging-market equities went on a bull run. By March 2008 America had entered recession and its financial crisis was under way. The country’s stocks accounted for less than 40% of the world’s total stock market capitalisation.
Fast-forward to today and things look rather different. America’s share of the world’s stock market capitalisation has climbed pretty consistently over the past decade and a half, and sharply this year. It now stands at 61%. That is astonishing dominance for a country which accounts for just over a quarter of global GDP.