Oil exports boost US trade balance says Pulitzer Prize winner Daniel Yergin
Becoming the world’s leading oil producer has been “really good” for the U.S. trade balance, according to Pulitzer Prize winner Daniel Yergin.
“Our trade balance would be $250 billion higher [if not] for its changed position in the United States,” he told FOX Business’ Stuart Varney on Tuesday.
The U.S. now produces around 13 million barrels of oil per day, compared to about 5 million barrels a day 10 years ago, Yergin noted.
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In Yergin's opinion, the shale revolution has led to a “more positive attitude about the United States” and also has been a boon to the economy.
“Because of the shale revolution in the United States we’ve had $200 billion of investment in new chemical and manufacturing plants because of that. We’ve created millions of jobs and I think that’s not so well known,” he explained.