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GasBuddy News Article

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Economist: Domestic oil benefits U.S. economy

Idaho Press-Tribune -- Wells Fargo economist Michael Swanson, speaking at the Rodeo Club at the Idaho Center Wednesday, said Wells Fargo likes those three areas in particular, and is “bullish” on the U.S. economy.

“That’s surprising to a lot of people, but if you listen to our senior managers they believe that, because they see it in our lending base that there is a lot of opportunity in agriculture, energy and manufacturing,” Swanson said.

And the three are tied together. He said the U.S. is seeing tremendous improvement in energy values that make the country more competitive in manufacturing. Ethanol is also a driver of corn prices.

U.S. petroleum production increased by 23 percent on a 52-week average basis, Swanson said, which is something not seen in a mature industry.

“We’re going from about 5


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Submitted Feb 28, 2013 By: bar1035
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Author Topic: Economist: Domestic oil benefits U.S. economy Back to Topics
REPLIES (newest first) Post a Reply
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remay
Champion Author Houston

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Message Posted: Mar 1, 2013 6:52:48 AM

Benefits who???
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afghaned
Champion Author Ottawa

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Message Posted: Mar 1, 2013 12:18:54 AM

I'm not seeing any benefit other than my wallet being lighter!!!
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jrschl
Champion Author Louisville

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Message Posted: Mar 1, 2013 12:16:23 AM

I think the citizens of this country are benefiting the economy.
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NemoIL
Champion Author Illinois

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Message Posted: Mar 1, 2013 12:16:22 AM

Of course domestic oil benefits our economy, it greats good jobs and that brings prosperity. Unlike the "green jobs" promised to us by our dear leader, which have cost us billions in tax dollars.
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tedjm1
Champion Author New York

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Message Posted: Mar 1, 2013 12:15:25 AM

Not saving me any money.
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Brucevanf
Champion Author New Brunswick

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Message Posted: Mar 1, 2013 12:13:52 AM

If the fuel were half the price at the pump it would help the economy more.
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pa79th
Champion Author Pennsylvania

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Message Posted: Mar 1, 2013 12:11:56 AM

I'm still waiting to see any benefit at the pump.
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Aviator_Rob
Champion Author New York

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Message Posted: Mar 1, 2013 12:11:08 AM

Mind telling us how exactly the President is standing in the way, @rahcat?
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wcp3rd
All-Star Author New Jersey

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Message Posted: Mar 1, 2013 12:10:41 AM

OKay
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BALRSTATUS
Champion Author Grand Rapids

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Message Posted: Mar 1, 2013 12:09:56 AM

why is gas still so high
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monarch57
Champion Author British Columbia

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Message Posted: Mar 1, 2013 12:09:42 AM

It would help out the ecominy even more if the price of gas would drop to half.
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rahcat
Champion Author Grand Rapids

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Message Posted: Mar 1, 2013 12:07:49 AM

So why is the Obama regime standing in the way?
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ican2step
Champion Author Pittsburgh

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Message Posted: Mar 1, 2013 12:07:34 AM

Okay.
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wshokie12
Champion Author Winston-Salem

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Message Posted: Mar 1, 2013 12:06:53 AM

Uh yeah.
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mlambo
Champion Author Indiana

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Message Posted: Mar 1, 2013 12:06:46 AM

I would hate to see where the economy would be without domestic oil, as the economy is not to great now !
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ManOfLeisureII
Champion Author Philadelphia

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Message Posted: Mar 1, 2013 12:06:32 AM

So what?
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PrinceLH
Champion Author Ontario

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Message Posted: Mar 1, 2013 12:06:09 AM

Export tariffs are needed!
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sjhman
Veteran Author Atlanta

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Message Posted: Mar 1, 2013 12:04:54 AM

obviously
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Aviator_Rob
Champion Author New York

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Message Posted: Feb 28, 2013 11:55:00 PM

More like a massive transfer of pollution from overseas to here, @foreyearrunner.
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Aviator_Rob
Champion Author New York

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Message Posted: Feb 28, 2013 11:53:27 PM

Who says the dollars stay in the U.S., @mcmonsta? There are plenty of banks in Zurich and the Cayman Islands and dummy corporations in Bermuda where that money will be headed.
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bginsj
Champion Author San Jose

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Message Posted: Feb 28, 2013 11:52:11 PM

and oil needs to be around $75 a barrel so the US economy can actually grow for a change
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Aviator_Rob
Champion Author New York

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Message Posted: Feb 28, 2013 11:51:25 PM

Here's a math lesson from Big Oil, @DEG.

"Drill, baby, drill!" + "Refine, baby, refine!" = "Export, baby, export!"
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Aviator_Rob
Champion Author New York

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Message Posted: Feb 28, 2013 11:49:39 PM

Tell Big Oil about this, @Dragnet, and watch them laugh.

Once they're done laughing, they'll raise gas prices another 10 cents/gal.
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N4PIP
Champion Author Miami

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Message Posted: Feb 28, 2013 11:48:59 PM

Domestic oil production benefits the plutocracy.
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Chris46
Champion Author Dayton

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Message Posted: Feb 28, 2013 11:48:50 PM

Every little bit helps
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Aviator_Rob
Champion Author New York

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Message Posted: Feb 28, 2013 11:47:44 PM

You know what's an even bigger driver of the economy than increased oil production? Increased fuel efficiency. You don't have to pay anything for the gasoline you don't burn through better fuel economy.
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smoketown
Champion Author Cincinnati

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Message Posted: Feb 28, 2013 11:47:32 PM

Great !
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s6sputnik
Champion Author Austin

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Message Posted: Feb 28, 2013 11:44:24 PM

Ok!
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Aserdaten
Champion Author Florida

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Message Posted: Feb 28, 2013 11:44:09 PM

Ethanol might be one of the factors driving the economy, so it says, but whet about considering how it hurts the pocketbooks of consumers as corn for human consumption costs more?
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mamabeck
Champion Author Florida

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Message Posted: Feb 28, 2013 11:43:07 PM

People can say the dumbest things trying to make a point, and they come across being able to frustrate everyone that hears them! This guy has angered every one of us who are barely surviving paying higher gas prices! Jerk...
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7SPEEDY7
Champion Author Flint

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Message Posted: Feb 28, 2013 11:40:21 PM

Ok
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SparkieMi
Champion Author Kalamazoo

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Message Posted: Feb 28, 2013 11:39:55 PM

Many good posts!!!! Will we ever get the true story????
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srchr
Champion Author San Jose

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Message Posted: Feb 28, 2013 11:37:09 PM

duh
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jrsva
Champion Author Virginia

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Message Posted: Feb 28, 2013 11:35:16 PM


This posting violates Newsville rules by providing only a proprietary link to the original article. Registration and a password is required and that’s a non-no. Reported.
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falcons
Champion Author North Dakota

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Message Posted: Feb 28, 2013 11:33:37 PM

So we have GREED to explain the high prices.
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REKEY
Champion Author South Carolina

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Message Posted: Feb 28, 2013 11:33:16 PM

Benefits EXXON, BP, etc but not the consumer!
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vibdata
Champion Author Massachusetts

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Message Posted: Feb 28, 2013 11:33:06 PM

The only people who will see any money from Domestic oil and Fracking are BIG OIL and BIG GAS. To think it will help the US economy is a bunch of hot gas for sure.
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lolobond
All-Star Author New Orleans

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Message Posted: Feb 28, 2013 11:31:00 PM

He discover the Pacific Ocean.
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Alfied
Champion Author Riverside

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Message Posted: Feb 28, 2013 11:28:55 PM

Of course.
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snerd
All-Star Author Pennsylvania

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Message Posted: Feb 28, 2013 11:27:27 PM

No kidding
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CactusBobs
Champion Author Arizona

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Message Posted: Feb 28, 2013 11:26:49 PM

all this oil and WE PAY 4.00 a gal ........GREED IS UGLY !
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BREW9
Champion Author Tampa

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Message Posted: Feb 28, 2013 11:25:37 PM

ok
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Dragnet
Champion Author Arizona

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Message Posted: Feb 28, 2013 11:25:10 PM

Tell the White House about this. Congress and WH will find a way to screw this up
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NorthglennBill
Champion Author Denver

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Message Posted: Feb 28, 2013 11:25:02 PM

What they mean here is that domestic oil benefits oil company economy. If sure hasn't helped me any with the high price of gasoline right now.
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FlyNFool
Champion Author South Carolina

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Message Posted: Feb 28, 2013 11:24:02 PM

Really? A random act of journalism.
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Jedman982
Sophomore Author Modesto

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Message Posted: Feb 28, 2013 11:21:50 PM

Ok
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5Golfer8
Champion Author Tucson

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Message Posted: Feb 28, 2013 11:20:30 PM

Then spread the wealth and drop the prices of fuel.
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Lizzylou
Champion Author Stockton

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Message Posted: Feb 28, 2013 11:18:52 PM

Gas is over $4.00 here!
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PetroCrap
Sophomore Author Toronto

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Message Posted: Feb 28, 2013 11:17:57 PM

It doesn't matter where they drill because we won't benefit from it, we won't see a tenth of a cent in savings from domestic oil production.The only security is for the oil companies who now have a secure supply that they can sell on the world market to whoever is willing to pay world prices.We will never have a significant drop in prices, it's called Capitalism, sold to whoever is willing to pay the MOST.
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SavALot
Champion Author Virginia Beach

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Message Posted: Feb 28, 2013 11:17:33 PM

depends on the outlook
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