Monday, September 26, 2011

Drill, Drill, Drill = Jobs, Jobs, Jobs in Michigan

From my editorial in yesterday's Detroit Free Press

Amid all of the bad economic news nationally, there is an economic bright spot: One U.S. state is booming like never before. In North Dakota, the unemployment rate was an astoundingly low 3.3% in July; it hasn’t been that low at the national level since 1953. At a time when other states are facing declining revenues and budget deficits, North Dakota’s tax revenues are soaring, and it has a $1-billion surplus. In May, the state legislature passed a bill to reduce income tax rates for individuals.

Michigan could experience a similar economic boom by producing more of its own oil and natural gas. The Michigan Basin is believed to hold more than 282 million barrels of oil, 2 trillion cubic feet of natural gas, and 83 million barrels of natural gas liquids. These vast energy resources in Michigan are now recoverable using advanced hydraulic fracturing technology. The economic benefits of a time-tested drilling technology can put thousands of Michiganders back to work, generate millions of dollars in government revenues, and improve U.S. energy security.

3 Comments:

At 9/26/2011 4:03 PM, Blogger Paul said...

Maybe they'll actually go get those resources now that the Granholm idiocy is over.

 
At 9/27/2011 1:41 PM, Blogger VangelV said...

That is all that Michigan needs; more capital destruction.

 
At 9/27/2011 1:43 PM, Blogger VangelV said...

The economic benefits of a time-tested drilling technology can put thousands of Michiganders back to work, generate millions of dollars in government revenues, and improve U.S. energy security.

Note that there are benefits to workers, service providers, and the state. But not to the average producers in the industry.

 

Post a Comment

Links to this post:

Create a Link

<< Home