The most recent jobs report may not have met expectations, but the data did show one unmistakable trend: Domestic energy production continues to lift the U.S. economy. The March employment report, released by the Bureau of Labor Statistics, showed the U.S. oil and natural gas industry continuing to grow jobs at a pace faster than the national average. It also provided evidence that expanding supplies of oil and natural gas are fueling a “renaissance” in U.S. manufacturing – everything from automobiles to steel to paper.
The United States is known for its history of innovation and technological leadership – from transportation to medicine to personal and mobile computing. Looking back, it’s hardly a coincidence that for many years, American students were among the top performers when it came to math and science. While the importance of these fundamental fields of study has not waivered, U.S. proficiency in them has. U.S. students ranked 25th in math and 17th in science in the most recent international testing.
When the price of gasoline increases, so do the misplaced theories that some commentators use to explain the phenomenon. Some, including Fox’s Bill O’Reilly, have charged large integrated oil companies with manipulating the price of gasoline by purposefully taking gasoline and diesel out of the U.S. market. I recently explained why this analysis is wrong, and now along comes independent verification from the U.S. Energy Information Administration.
The Senate debate on a bill to increase oil company taxes ended yesterday when supporters failed to get enough votes to continue. But the misinformation campaign rolls on. By now it’s becoming all too familiar, especially since Politico and The New York Times published leaked talking points being used to counter critics who blame the administration’s energy policy for high gasoline prices.