Increase in Energy Production Will Likely Impact Consumers and Financial Services
July 16, 2013
July 16, 2013
The production of natural gas and oil from shale, along with renewable energy sources such as wind, is on the rise in the U.S. and credit unions are encouraged to consider these factors when planning for the future. These increases in energy production are expected to improve job opportunities, member deposits and the demand for consumer loans.
According to energy and financial expert, Kathleen Cooper, “The shale revolution will restore U.S. competitiveness in a broad range of industries. As production of shale in the U.S. increases, dependence on energy from other countries will be reduced, adding jobs and contributing to economic growth.”
The International Energy Agency (IEA), the energy policy watchdog for the world’s major industrialized nations, has predicted that the increase in oil and natural gas from shale will move the U.S. above Saudi Arabia in crude-oil production by 2020.
The production of natural gas and renewable energy from wind will continue to contribute to the U.S. economy by making us less energy dependent globally. And the fate of the so-called Keystone Pipeline is certain to have an impact as well on economic growth. If approved, jobs will be added in those regions through which the proposed pipeline passes, including Texas and Louisiana, Cooper said.
Cooper also suggests, “Over these next few years, economic growth in the U.S. will slowly pick up, and short term rates will stay low, helping financial institutions to profit.”
Cooper is one of the speakers on tap for Catalyst Corporate Federal Credit Union’s 2013 Economic Forum, scheduled to take place October 22-23 at the Embassy Suites Hotel and Conference Center in Frisco, Texas. An outstanding line-up of economists and financial industry experts will provide insights about where markets are heading and what consumers can expect, providing timely and actionable information every credit union can benefit from as they plan for the future.
Kathleen Cooper is an expert on both the banking and energy industries. As Under Secretary for Economic Affairs of the U.S. Department of Commerce from May 2001-August 2005, she served as the principal economic adviser to the Secretary of Commerce. She was honored with the Commerce Department’s prestigious Redfield Award and reengineered the 2010 Census during her tenure. She served as founding director of Texas Security Bank, chief economist with the Exxon Mobil Corporation, and as executive vice president and chief economist of Security Pacific National Bank and the United Banks of Colorado.
Currently, Cooper is chair of the National Bureau of Economic Research and member of the Council on Foreign Relations and the Conference of Business Economists. She holds a bachelor’s degree in mathematics from the University of Texas at Arlington and a Ph.D. in economics from the University of Colorado.
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