Water Cooler 07/19/18 Open Thread; Were #1; Jobless Claims Lowest In Half A Century;

The United States Is Now The World’s Number One Producer Of Oil And Gas

Somewhere I am hearing Ms. Sarah Palin say “Drill Baby Drill” and people who acted like they were better than her mock the idea that we could ever be self sufficient in our fuel needs. This is also something like the 5th time we have passed peak oil, the first was just after World War I.

Driven by expanding energy development from shale, America “today” is the world’s top producer of oil and gas and an explosion in exports is expected to follow, according to a new report from the U.S. Chamber of Commerce.

“Today, the United States is the world’s top producer of oil and natural gas. And the future looks just as bright,” according to Karen Alderman Harbert, president of the U.S. Chamber of Commerce’s Global Energy Institute.

She wrote in the July issue of the Ripon Forum, from the moderate Ripon Society, that both gas and oil are at peak production rates and will continue for years. An advance copy of the magazine was provided to Secrets. From her cover story:

“The U.S. Energy Information Administration (EIA) is forecasting that domestic crude oil production will soon surpass 11 million barrels per day and fluctuate between 11 and 12 million barrels per day out to 2050—a sustained rate 2 million barrels per day higher than the previous U.S. record of 9.6 million barrels per day set in 1970. Natural gas production also shows no sign of slowing down, with EIA projecting a 58 percent increase output by 2050. The United States is poised to become a large exporter of both fuels. Renewable energy is making substantial gains, and energy efficiency also continues to thrive in all sectors of the economy.”

— Washington Examiner

Just a note here we have had nearly 50 years of policy based on the idea that not only couldn’t this happen but it shouldn’t even be allowed. That embrace of failure has contributed to the fact that for the first time in our history we have a generation that may well not do better than those that came before.

U.S. Jobless Claims Lowest In 48 Years

When the government gets out of the way of the people and its policies reflect that the people know best what’s best for themselves it’s truly amazing what can be achieved. Turns out the longterm unemployed that the left were hoping would vote for them for handouts, are actually pretty happy with jobs and making their own way in the world.

WASHINGTON (Reuters) – The number of Americans filing for unemployment benefits unexpectedly fell last week, hitting its lowest level in more than 48-1/2 years, as the labor market continues to strengthen.

Other data on Thursday showed manufacturing activity in the mid-Atlantic region accelerated in July, driven by a surge in new orders received by factories. But manufacturers reported paying more for inputs.

They were less upbeat about business conditions and capital expenditures over the next six months, a sign that import tariffs were starting to hurt business sentiment.

Initial claims for state unemployment benefits dropped 8,000 to a seasonally adjusted 207,000 for the week ended July 14, the lowest reading since early December 1969, the Labor Department said.

Economists polled by Reuters had forecast claims rising to 220,000 in the latest week.

The second straight weekly decline in claims, however, likely reflects difficulties adjusting the data for seasonal fluctuations around this time of the year when motor vehicle manufacturers shut assembly lines for annual retooling.

The economy created 213,000 jobs in June, with the unemployment rate rising two-tenths of a percentage point to 4.0 percent as more Americans entered the labor force, in a sign of confidence in their job prospects.

—Reuters