The American phoenix is slowly rising again. Within five years or so, the US will be well on its way to self-sufficiency in fuel and energy. Manufacturing will have closed the labour gap with China in a clutch of key industries. The current account might even be in surplus.
Assumptions that the Great Republic must inevitably spiral into economic and strategic decline – so like the chatter of the late 1980s, when Japan was in vogue – will seem wildly off the mark by then.
Telegraph readers already know about the “shale gas revolution” that has turned America into the world’s number one producer of natural gas, ahead of Russia.
Less known is that the technology of hydraulic fracturing – breaking rocks with jets of water – will also bring a quantum leap in shale oil supply, mostly from the Bakken fields in North Dakota, Eagle Ford in Texas, and other reserves across the Mid-West.
- Sep 17, ’14 The calculus of contagion In the battle against disease, the difference between a raging epidemic and a passing fever comes down to a single number
- Sep 15, ’14 A Glorious Sunset
- Sep 15, ’14 A wonderful La Brioche Lunch on the Day of the Lord
- Sep 13, ’14 The Slow, Inevitable Death Of Cable TV
- Sep 11, ’14 Innovations in payment technologies and the emergence of digital currencies