The U.S. Is Back on Top, Thanks to Energy Workers
For the first time in a decade, the World Economic Forum ranked the U.S. as the most competitive economy in the world.
It’s no secret why.
Our energy industry is booming, and the current culture of de-regulation from Washington is helping. For example, the recent rollback of Obama-era methane regulations by Trump’s EPA will save $75 million annually in regulatory costs.
Even President Obama, who was no friend to the energy industry, couldn’t bring himself to implement these job-killing methane regulations until his way out the door. He knew it would wreak havoc on the economy.
Groups like the Sierra Club and the San Juan Citizens Alliance pushed Obama to put these rules in place, but he only did so with three weeks remaining in his presidency. He did not want to let the economy feel the effects of those regulations under his watch.
Now that Trump is in office, he has cut the regulations and created more economic certainty.
With the energy industry booming and Trump clearing the regulatory brambles out of the path to economic growth, it’s no surprise the U.S. has regained its spot as the most competitive nation.
On the local level, we’re seeing this play out in New Mexico.
Bloomberg recently ranked New Mexico number one for economic gains, and experts are attributing this in large part to the energy industry.
The Albuquerque Journal reported that New Mexico’s economy “leads the nation in job and wage gains since President Donald Trump’s inauguration in January 2017.” Jim Peach, professor emeritus of economics at New Mexico State University told the Journal that of the employment growth we’ve seen, “an awful lot of it is in oil and gas.”
The numbers don’t lie. This past year, New Mexico collected an additional $1.2 billion in tax revenue thanks to oil and gas exploration. This money will go to state infrastructure, education and social programs.
To put it plainly, the fastest growing economy in the most competitive nation earned their success by growing oil and gas. New Mexico should serve as a model for the rest of the nation.
But the green groups can’t do the math on this one, and are fighting tooth and nail to stop the economic progress. But before continuing their crusade of environmental radicalism, green groups like the Sierra Club should care more about people: their jobs, families, communities and way of life.