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Politics : View from the Center and Left

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To: Wharf Rat who wrote (200045)	9/4/2012 5:41:45 PM
From: KyrosL	of 542026

Natural gas liquids may not be crude but their energy density is similar to crude and their use as feed stock for the chemical industry is vital. The revival of the US chemical industry owes a lot to their relatively low prices compared to world prices. World prices are pretty close to crude oil, so if we had to import them, the impact would be the same as importing crude oil. In many countries they are used as transportation fuels with excellent results. I estimate that US GDP would be more than 1% lower per year, if petroleum production in the US had remained stagnant during the first Obama term, with a double dip recession a distinct possibility. One can say that Obama will owe his second term to fracking, if he gets reelected.

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