Energy Deregulation will be bigger than the Internet
by henryvigeant | on December 29, 2012
Jack Welch: Energy deregulation will be ‘bigger than the Internet’
Jack Welch is making headlines again, this time saying that removing regulatory barriers to the oil and natural gas boom will be “bigger than the Internet” for the economy.
“The regulatory wall is a huge deal
. It’s equal in my opinion to what happens in the marketplace as the fiscal cliff,” Welch told CNBC. “The regulatory wall is obviously right in front of you.”
“An energy rich America… it will be bigger than the Internet was, and we’re only in the first inning,” Welch said. “It is the oxygen that makes an economy breath.”
According to Welch, removing regulatory barriers to the oil and natural gas boom is just as important as addressing the coming fiscal cliff problem at the end of this year.
“We have a chance in this country to make this the American century,” Welch continued. “This gas thing is huge. The gas that we have found is in the first inning — it’s like the Internet in 1990.
The Wall Street Journal reports that Citigroup economists estimated that increased domestic oil and gas production, would create as many as 3.6 million new jobs by 2020 and increase economic output by more than three percent.
Furthermore, an IHS Global Insights study found that jobs created by unconventional oil and gas production “tend to be high quality and high paying, given the technologically innovative nature of unconventional oil and gas activity” and generate more than $61 billion in revenues for federal and state governments this year alone.
States like Pennsylvania and West Virginia have welcomed increased natural gas and oil exploration through d horizontal drilling and have greatly benefited in terms of jobs — 240,000 jobs related to oil and natural gas extraction, say state officials.
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