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Manhattan Institute Senior Fellow Mark Mills on the potential growth of the U.S. energy sector and its impact on job growth.
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Hans thanks so much and speaking of the election just as the storm is causing blackouts my next guest says our whole energy policy is wrong.
He says there could be more than half a million jobs created in swing states in the next three to five years from hydrocarbon energy.
Mark Mills as -- senior fellow with the Manhattan institute.
I was really interested to read your study I thought -- -- -- interesting points was that.
We are oriented towards.
Consecration of protectionism of domestic -- is right now but we could actually be.
A major producer we could be exporting energy which seems hard to get from here to there you really think we have not much.
Why no we have that much and that this is the the real surprise stop in energy policy that we have to really change how we look at.
Energy fundamentally we've we've operate under the basis from almost half a century now since the big oil embargo 9783.
On the assumption that we're running out of oil that we can't make enough here in the -- way out of this is to find replacements for oil -- to conserve our way out of it.
Both polls are important by the way continue to be important but what happened the last few years it has taken everybody surprise surprise.
It's -- fastest growing oil producing profits in the world.
Is the United States of America were now -- net exporter.
Refined had to cover products or gas gasoline -- and diesel fuels.
And we could become given the resources we have one of the largest exporters of all 300 -- -- coal oil and natural gas.
Because actually moved towards becoming an exporter if you think of it and and North American cents a net exporter of oil to the world.
In the next decade.
We have about six times the total resorts -- -- hydrocarbons that the whole Middle East has.
We can we do it's just that when you make the middle -- comparison I mean it is more expensive to to get oil and natural gas.
You know this route from fracking from shale -- hydrocarbons that it is in Saudi Arabia where oil is basically.
Laying on the surface but even still you make a great when -- want to keep it to jobs because you make a great point that for every one direct hydrocarbon job.
There are also about six jobs that are added in a range of sectors as a result of that so there's a multiplier effect here as well.
Back at absolutely and let me just quickly say that -- -- technology changes the cost of these resources -- doesn't just unleash them.
-- events of the technology makes our resources.
And it competitive with declining resources in the Middle East but your point on jobs as the one I've been most -- precedent as well.
Is that most people think of these jobs -- -- had jobs guys in the field drilling and digging.
They -- -- high value jobs but they did they generate jobs of the information technology industry healthcare industry manufacturing industry fact Ohio has -- -- construction name.
If -- almost billion dollar steel mill for the first time in Youngstown Ohio the first time in decades.
It's being built -- manufacturing jobs is being -- provide steel pipe for the oil and gas industry in the state of Ohio.
So Ohio and at least half dozen other swing states are already enjoying up an appointment -- because of oil and gas know.
Apps flea market I'll do you one better -- to plant like that is also made possible because of cheap and abundant natural gas and energy that's -- fueling it so it really comes full circle thank you so much for coming on I wish we had more time.
