Home – Boom in Energy States May be Helping Drive National Economy

Boom in Energy States May be Helping Drive National Economy

 According to the U.S. Bureau of Economic Analysis, America’s GDP grew by 4.2 percent between the first quarter of 2017 and the first quarter of this year, the highest quarterly rate since 2014. And an energy boom, fueled by higher oil and gas prices over the last two years, may be helping drive that growth.

 

“The states that contribute most might be the ones with strong increases in energy production,” said Mark Perry, a professor of economics and finance at the University of Michigan and a visiting scholar at the right-leaning American Enterprise Institute.

 

In the past year production rose 19 percent in North Dakota and Oklahoma, 29 percent in Colorado and Texas, and nearly 50 percent in New Mexico, according to federal figures. (STATELINE)