Booming oil production (Fracking) boosted GDP estimate, White House advisers say
Two of President Obama’s top economic advisers are crediting increasing petroleum production with the rosier estimate for second quarter economic performance announced this week.
“This is yet another reminder that the President’s focus on increasing America’s energy independence is not just a critical national security strategy, it is also part of an economic plan to create jobs, expand growth and cut the trade deficit,” Council of Economic Advisers Chairman Jason Furman and National Economic Council Director Gene Sperling wrote in a blog post on Thursday.
The United States petroleum trade deficit hit a record low in June as booming domestic oil production displaced imports and exports of refined petroleum products increased.
That played a significant role in revising U.S. gross domestic product growth in the second quarter to 2.5, up from 1.7 percent, said Furman and Sperling.
Read more: http://thehill.com/blogs/e2-wire/e2-wire/319649-booming-oil-production-boosted-gdp-estimate-white-house-advisers-say
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