Could Energy Sector Overtake Manufacturing?

Posted March 2, 2014 at 10:48pm

CNBC asks: “Could the booming U.S. energy sector assume the mantle that Detroit’s big automakers once held in the economy?”  

“Although it’s still too early to tell, recent trends suggest soaring energy production may replace automobile manufacturing as an economic powerhouse. Even as the U.S. recovery falters, manufacturing and energy are in the midst of a broad expansion that is helping to generate growth.”  

“Analysts say both sectors are increasingly intertwined. Yet as Detroit’s economic influence has waned, soaring shale production—and the cheap energy it provides—is making its presence felt in multiple ways. On Thursday, the Energy Information Administration reported oil production in 2013 surged by nearly a million barrels per day (bpd), its fastest growth rate ever.”