Economic shocks can be both good and bad. While negative jolts usually get most of the attention, positive shocks can be just as critical to an economy. Since 2006, the United States’ positive shock has been the rocketing supply of natural gas and its plummeting cost. Economics professor William R. Melick has gleaned data to address the questions of how the economy of “Saudi America” is adjusting to lower energy costs and whether cheap natural gas is paving the way for another golden age of US manufacturing. getAbstract recommends his study of the broad economic effects of low energy prices on American investment, jobs, imports and exports particularly to manufacturing executives and energy specialists.
In this summary, you will learn
- What impacts low natural gas prices have had on US industries,
- Which sectors have experienced the most pronounced effects, and
- How lower energy costs have influenced US imports and exports.
About the Author
William R. Melick is a professor of economics at Kenyon College in Ohio.