The U.S. economy grew by more than 4 percent last quarter, which President Trump attributed to tax cuts and his other policies. Economists noted that one cause was a lot of pre-tariff buying, especially of soybeans and other exported U.S. farm products. In between taking bows, Trump assured us that his economic growth was sustainable. He did not mention the major growth reason which is the emergence of the U.S. as the world's latest energy production super power, a growth which Trump has inherited.
Thanks to new exploration and production techniques, our 2017 daily crude oil production was 13 million barrels, nearly twice the daily output in the past decade. We have also become a natural gas exporter, producing 735 billion cubic meters in 2017, exceeding the entire Middle East production. Millions of well-paying jobs are the result of this production. Our proven reserves of oil, coal, and natural gas remain at record levels assuring our continued leadership in the global energy market.
Renewable energy sources like wind and solar are also growing rapidly in the U.S. And we remain the largest consumer of nuclear energy for electric power.
The Trump administration has a number of challenges, but a good economy tends to overshadow other problems.
Rolf Westgard
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St. Paul
