Communities that attracted energy investment over the last decade have far outpaced their counterparts in terms of economic growth and development. Energy development has moved from an insignificant to a dominant strategy in economic development in the last 20 years. The United States has gone from importing 7 million barrels of oil per day in 2007 to exporting 3 million barrels per day in 2019. The shale revolution first discussed by Ed Bee in Fueling Prosperity in 2013 has transformed energy production in the United States. Net daily oil imports into the United States in 2019 are now approximately equal to oil imports in 1959, when the US economy was a fraction of the size it is today. Meanwhile, wind, solar and renewables continue to grow in importance. As we predicted in Fueling Prosperty, however, competition from fossil fuels has greatly diminished the growth rate in renewables
Taimerica has been active in evaluating economic opportunities in energy development since 2007. We identified supply chain investment opportunities for the shale formations in Southwestern PA and Northeastern OH. Among the opportunities that we identified were downstream ethane cracker projects at industrial sites along the Ohio River. Shell has since started construction on an ethane cracker with a CAPEX exceeding $1 billion at one of the sites we investigated in 2011.
Taimerica has conducted other types of projects at the nexus of energy and economic development, such as models of LNG exports in Lake Charles using Monte Caro simulation. Ed Bee and Jay Moon completed a coal transition strategy for Eastern Montana in 2016. Whether your community desires to attract or diversify its energy economy, Taimerica understands the economic development challenges. Let us marshal our expertise in energy related economic development to help you navigate the continuing opportunities in the vibrant energy industry.