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How good was US economy in 1990s? The US economy grew by an average of 4% every year except 1991. The median American household income increased by 10% from 1990 to 1999. Most posters here can tell you their personal experiences about the best decade in term of economy. So, listen carefully, son. Here are keys to the success of 1990s that all economists agreed:

#1 low oil prices. Most time of 1990s oil price were teenager a barrel. Occasionally it broke to $20+ a barrel. The lowest gas price I ever had is $0.79/gallon. Time: October 1998. Location: Spring, Texas (North suburb of Houston). Yes, extremely low oil price was number 1 key factor for 1990s economy, son.

#2 Greenspan. He did very impressive job in balancing between stimulating economy growth and controling inflation. Despite 4+% GDP growth every year in 1990s, we didn't have inflation back then. We don't have Greenspan in Fed today, Son.

#3 Great fiscal policy from 2 famous bipartisan budget agreements, the 1990 budget agreement and 1993 budget agreement which resulted in budget surplus. We don't that kind budget agreement anymore, Son.

I am just talking about short-term key factors here. Some midum term and long term key factors such as deregulation, globalization and innovation of technology started from 1980s also contributed 1990s economic boom. (Yes, in the early days and in the short term US benefit from globalization).

...here's an excerpt from the attached article that underscores the Subject quote...
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There’s a saying in the oil industry: “The rocks don’t lie.” It means that regardless of what is predicted, geology calls the shots on how much oil can be extracted.

Although rocks don’t lie, it is becoming increasingly evident that the shale oil industry greatly over-promised how much oil it could produce and knowingly relied on flawed models. These faulty models inflated the amount of oil production promised to investors by up to 30 percent.

This deception by shale executives led shareholders of bankrupt oil and gas companies to sue the companies for fraud. Alta Mesa, a bankrupt shale oil company that is the target of one of those lawsuits, attempted to have it thrown out only to have the judge deny the request, noting that there was evidence of “requisite severe recklessness.”

The industry also harmed oil production by placing wells too close together — a practice resulting in what are called “child wells.” With more wells trying to access a fixed amount of oil in a shale reservoir, each well ultimately produced less oil. The models ignored this, but it was a big part of the reason the shale industry lost approximately a half trillion dollars in the first decade of its boom.

Whether due to over-estimation of production, or child wells cannibalizing production, all U.S. shale plays outside the Permian — which just set a new record for production — are producing at levels well below their recorded peaks. However, a closer look at recent data hints that the Permian is likely to follow the other major shale plays into decline. Last month, Reuters reported that in December 2020, new oil wells in the Permian produced a record of 1,545 barrels per day. New Permian wells are now down to 1,049 barrels per day.

Reuters columnist John Kemp recently questioned “Is the U.S. shale oil revolution over?” while an oilprice.com article stated that “U.S. shale production is peaking due to declining inventory quality and the inability of the industry to substantially increase drilling.” This week, independent energy analysts Enersection stated that “the U.S. shale boondoggle of capital infused growth is over for good.”
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Then there's always the fact that our Proven Oil Reserves represent only 8 years or less of supply at current consumption rates...which should be a clarion call to shift away from Fossil Fuels for Heat and Power uses, while 'husbanding' them for all the myriad other uses we depend on those chemicals for...

Trump's "Drill Baby Drill" policy is effectively a 'Suicide Mission' for the USA.


Link: https://www.desmog.com/2022/12/07/peak-us-oil-production-shale-boom-ends-bakken-permian/

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listen...after that, tell me if you disagree with the article I posted on Fracking...and more importantly, back it up.

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Link: https://www.axios.com/2024/08/30/harris-interview-cnn-fracking

'Self Limiting'...i.e. no need to ban it... 2) we. still need Oil and Natural Gas for heat and power as we transition to Nuclear and Renewable Power Plants...finally, 3) it's reported that PA is the second largest "Fracking State" in the nation and therefore necessary for this transition.

I've only posted it thirty times. But relatively tiny increases in the global supply have little effect on the price at the pump.

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[Source: the recent DHS Inspector General Report. No link; was on afternoon news.]

Anyone who supports an open border is aiding and abetting the child sex trafficking market. If they can't kill them in the womb, they can at least make sex slaves of them. Ah, the Left...so caring.

When you have no plan and only have empty slogans, what you can do is attacking your opponent's plan.

However, outside of inflation and interest rates that people elected to the executive office have no control, the economy is rather strong!

Surely, you don't think tariffs on all imports is a way to strengthen the economy.

"However, the industry would welcome less regulation, which would be more likely in any Republican administration."

Looks for a leftist link to support his opinion, kind of like Tyrone does.

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Supply and demand, not the president, will drive oil and gas production

James Coleman, a professor of law and senior fellow at the American Enterprise Institute, said Trump’s pledge to “drill, baby, drill” is not policy, but political rhetoric meant to excite his base.

“We get sound bites from presidential campaigns and often it's hard to know what that actually means in practice,” he said. “My sense is that people perceive it as a positive message, and they're thinking that means more jobs [and] more infrastructure.”

In fact, the idea of drilling more pits consumers' interests against the oil and gas industry, cutting into their profit from crude oil.

“There are many variables… there are just too many moving pieces that influence supply and demand. ” Feit said. “So yes, demand gets satisfied, and the market has enough oil but then something changes, and demand changes so more oil is needed, then less oil.”

The Trump campaign did not respond to questions from The Texas Tribune.

You are arguing with yourself.

Per Trump, everything that is wrong with the economy is fixed by drill baby drill. You mentioned regulation, not me.

You are all over the place. Not lucid at all when it comes to energy regulation.

I'm done responding to you. You are inane.

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Do you realize how repetitive your posts are?

The "surrender" shtick makes you look silly.

I'm putting you on Ignore.

You really should be posting on a purdue message board.

66-7.