Today’s report on industrial output was highly underwhelming.
But as AEI’s Mark Perry points out, there was a noticeable bright spot: oil and gas production, which jumped 9% in April and is now at levels not seen since 1972. Here’s the chart:
Thanks to shale gas and oil, America’s booming energy sector continues to provide shovel-ready jobs and continues to deliver a powerful energy-driven economic stimulus to the US economy. The ongoing energy boom reflected in today’s Federal Reserve report provides further confirmation that energy remains the strongest sector of the US economy.
The data are also more evidence for IEA’s new assertion that American fossil fuel production is set to upend global energy markets.