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Economist: Domestic oil benefits U.S. economy

Idaho Press-Tribune -- Wells Fargo economist Michael Swanson, speaking at the Rodeo Club at the Idaho Center Wednesday, said Wells Fargo likes those three areas in particular, and is “bullish” on the U.S. economy.

“That’s surprising to a lot of people, but if you listen to our senior managers they believe that, because they see it in our lending base that there is a lot of opportunity in agriculture, energy and manufacturing,” Swanson said.

And the three are tied together. He said the U.S. is seeing tremendous improvement in energy values that make the country more competitive in manufacturing. Ethanol is also a driver of corn prices.

U.S. petroleum production increased by 23 percent on a 52-week average basis, Swanson said, which is something not seen in a mature industry.

“We’re going from about 5

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Submitted Feb 28, 2013 By: bar1035

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remay Champion Author Houston Posts:6,973 Points:2,119,340 Joined:May 2006	Message Posted: Mar 1, 2013 6:52:48 AM Ignore remay Report Abuse Benefits who???
afghaned Champion Author Hamilton Posts:11,827 Points:1,287,635 Joined:May 2004	Message Posted: Mar 1, 2013 12:18:54 AM Ignore afghaned Report Abuse I'm not seeing any benefit other than my wallet being lighter!!!
jrschl Champion Author Louisville Posts:2,972 Points:682,040 Joined:Jun 2011	Message Posted: Mar 1, 2013 12:16:23 AM Ignore jrschl Report Abuse I think the citizens of this country are benefiting the economy.
NemoIL Champion Author Illinois Posts:3,030 Points:1,314,195 Joined:Aug 2008	Message Posted: Mar 1, 2013 12:16:22 AM Ignore NemoIL Report Abuse Of course domestic oil benefits our economy, it greats good jobs and that brings prosperity. Unlike the "green jobs" promised to us by our dear leader, which have cost us billions in tax dollars.
tedjm1 Champion Author New York Posts:5,609 Points:800,300 Joined:Dec 2006	Message Posted: Mar 1, 2013 12:15:25 AM Ignore tedjm1 Report Abuse Not saving me any money.
Brucevanf Champion Author New Brunswick Posts:1,366 Points:246,235 Joined:Aug 2012	Message Posted: Mar 1, 2013 12:13:52 AM Ignore Brucevanf Report Abuse If the fuel were half the price at the pump it would help the economy more.
pa79th Champion Author Pennsylvania Posts:1,792 Points:1,218,800 Joined:Jun 2007	Message Posted: Mar 1, 2013 12:11:56 AM Ignore pa79th Report Abuse I'm still waiting to see any benefit at the pump.
Aviator_Rob Champion Author New York Posts:3,805 Points:415,065 Joined:Mar 2012	Message Posted: Mar 1, 2013 12:11:08 AM Ignore Aviator_Rob Report Abuse Mind telling us how exactly the President is standing in the way, @rahcat?
wcp3rd All-Star Author New Jersey Posts:739 Points:363,350 Joined:Mar 2012	Message Posted: Mar 1, 2013 12:10:41 AM Ignore wcp3rd Report Abuse OKay
BALRSTATUS Veteran Author Grand Rapids Posts:454 Points:93,925 Joined:Feb 2013	Message Posted: Mar 1, 2013 12:09:56 AM Ignore BALRSTATUS Report Abuse why is gas still so high
monarch57 Champion Author British Columbia Posts:1,629 Points:135,780 Joined:Nov 2008	Message Posted: Mar 1, 2013 12:09:42 AM Ignore monarch57 Report Abuse It would help out the ecominy even more if the price of gas would drop to half.
rahcat Champion Author Grand Rapids Posts:2,478 Points:664,150 Joined:Jan 2010	Message Posted: Mar 1, 2013 12:07:49 AM Ignore rahcat Report Abuse So why is the Obama regime standing in the way?
ican2step Champion Author Pittsburgh Posts:1,691 Points:429,350 Joined:Feb 2012	Message Posted: Mar 1, 2013 12:07:34 AM Ignore ican2step Report Abuse Okay.
wshokie12 Champion Author Winston-Salem Posts:1,330 Points:217,760 Joined:Aug 2012	Message Posted: Mar 1, 2013 12:06:53 AM Ignore wshokie12 Report Abuse Uh yeah.
mlambo Champion Author Indiana Posts:12,815 Points:2,690,890 Joined:Mar 2005	Message Posted: Mar 1, 2013 12:06:46 AM Ignore mlambo Report Abuse I would hate to see where the economy would be without domestic oil, as the economy is not to great now !
ManOfLeisureII Champion Author Philadelphia Posts:1,884 Points:455,800 Joined:Jan 2012	Message Posted: Mar 1, 2013 12:06:32 AM Ignore ManOfLeisureII Report Abuse So what?
PrinceLH Champion Author Ontario Posts:2,702 Points:539,995 Joined:Jun 2011	Message Posted: Mar 1, 2013 12:06:09 AM Ignore PrinceLH Report Abuse Export tariffs are needed!
sjhman Veteran Author Atlanta Posts:410 Points:278,270 Joined:Sep 2008	Message Posted: Mar 1, 2013 12:04:54 AM Ignore sjhman Report Abuse obviously
Aviator_Rob Champion Author New York Posts:3,805 Points:415,065 Joined:Mar 2012	Message Posted: Feb 28, 2013 11:55:00 PM Ignore Aviator_Rob Report Abuse More like a massive transfer of pollution from overseas to here, @foreyearrunner.
Aviator_Rob Champion Author New York Posts:3,805 Points:415,065 Joined:Mar 2012	Message Posted: Feb 28, 2013 11:53:27 PM Ignore Aviator_Rob Report Abuse Who says the dollars stay in the U.S., @mcmonsta? There are plenty of banks in Zurich and the Cayman Islands and dummy corporations in Bermuda where that money will be headed.
bginsj Champion Author San Jose Posts:1,878 Points:1,236,585 Joined:May 2009	Message Posted: Feb 28, 2013 11:52:11 PM Ignore bginsj Report Abuse and oil needs to be around $75 a barrel so the US economy can actually grow for a change
Aviator_Rob Champion Author New York Posts:3,805 Points:415,065 Joined:Mar 2012	Message Posted: Feb 28, 2013 11:51:25 PM Ignore Aviator_Rob Report Abuse Here's a math lesson from Big Oil, @DEG. "Drill, baby, drill!" + "Refine, baby, refine!" = "Export, baby, export!"
Aviator_Rob Champion Author New York Posts:3,805 Points:415,065 Joined:Mar 2012	Message Posted: Feb 28, 2013 11:49:39 PM Ignore Aviator_Rob Report Abuse Tell Big Oil about this, @Dragnet, and watch them laugh. Once they're done laughing, they'll raise gas prices another 10 cents/gal.
N4PIP All-Star Author Miami Posts:910 Points:420,405 Joined:Jan 2012	Message Posted: Feb 28, 2013 11:48:59 PM Ignore N4PIP Report Abuse Domestic oil production benefits the plutocracy.
Chris46 Champion Author Dayton Posts:23,683 Points:2,083,290 Joined:Sep 2005	Message Posted: Feb 28, 2013 11:48:50 PM Ignore Chris46 Report Abuse Every little bit helps
Aviator_Rob Champion Author New York Posts:3,805 Points:415,065 Joined:Mar 2012	Message Posted: Feb 28, 2013 11:47:44 PM Ignore Aviator_Rob Report Abuse You know what's an even bigger driver of the economy than increased oil production? Increased fuel efficiency. You don't have to pay anything for the gasoline you don't burn through better fuel economy.
smoketown Champion Author Cincinnati Posts:6,241 Points:1,383,825 Joined:Feb 2008	Message Posted: Feb 28, 2013 11:47:32 PM Ignore smoketown Report Abuse Great !
s6sputnik Champion Author Austin Posts:6,222 Points:1,308,880 Joined:Jun 2007	Message Posted: Feb 28, 2013 11:44:24 PM Ignore s6sputnik Report Abuse Ok!
Aserdaten Champion Author Florida Posts:3,478 Points:2,054,615 Joined:Apr 2006	Message Posted: Feb 28, 2013 11:44:09 PM Ignore Aserdaten Report Abuse Ethanol might be one of the factors driving the economy, so it says, but whet about considering how it hurts the pocketbooks of consumers as corn for human consumption costs more?
mamabeck Champion Author Florida Posts:1,658 Points:363,710 Joined:Jan 2012	Message Posted: Feb 28, 2013 11:43:07 PM Ignore mamabeck Report Abuse People can say the dumbest things trying to make a point, and they come across being able to frustrate everyone that hears them! This guy has angered every one of us who are barely surviving paying higher gas prices! Jerk...
7SPEEDY7 Champion Author Flint Posts:1,301 Points:607,625 Joined:May 2011	Message Posted: Feb 28, 2013 11:40:21 PM Ignore 7SPEEDY7 Report Abuse Ok
SparkieMi Champion Author Kalamazoo Posts:3,271 Points:590,335 Joined:Sep 2011	Message Posted: Feb 28, 2013 11:39:55 PM Ignore SparkieMi Report Abuse Many good posts!!!! Will we ever get the true story????
srchr Champion Author San Jose Posts:7,259 Points:1,621,025 Joined:Apr 2008	Message Posted: Feb 28, 2013 11:37:09 PM Ignore srchr Report Abuse duh
jrsva Champion Author Virginia Posts:9,863 Points:1,614,950 Joined:Jan 2006	Message Posted: Feb 28, 2013 11:35:16 PM Ignore jrsva Report Abuse This posting violates Newsville rules by providing only a proprietary link to the original article. Registration and a password is required and that’s a non-no. Reported.
falcons Champion Author North Dakota Posts:10,799 Points:2,372,355 Joined:Dec 2004	Message Posted: Feb 28, 2013 11:33:37 PM Ignore falcons Report Abuse So we have GREED to explain the high prices.
REKEY Champion Author South Carolina Posts:8,584 Points:1,700,390 Joined:May 2008	Message Posted: Feb 28, 2013 11:33:16 PM Ignore REKEY Report Abuse Benefits EXXON, BP, etc but not the consumer!
vibdata Champion Author Massachusetts Posts:4,090 Points:849,300 Joined:Nov 2005	Message Posted: Feb 28, 2013 11:33:06 PM Ignore vibdata Report Abuse The only people who will see any money from Domestic oil and Fracking are BIG OIL and BIG GAS. To think it will help the US economy is a bunch of hot gas for sure.
lolobond All-Star Author New Orleans Posts:724 Points:620,685 Joined:Dec 2010	Message Posted: Feb 28, 2013 11:31:00 PM Ignore lolobond Report Abuse He discover the Pacific Ocean.
Alfied Champion Author Riverside Posts:7,945 Points:1,757,235 Joined:Jun 2001	Message Posted: Feb 28, 2013 11:28:55 PM Ignore Alfied Report Abuse Of course.
snerd All-Star Author Pennsylvania Posts:935 Points:656,000 Joined:May 2005	Message Posted: Feb 28, 2013 11:27:27 PM Ignore snerd Report Abuse No kidding
CactusBobs Champion Author Phoenix Posts:2,733 Points:488,450 Joined:Jun 2010	Message Posted: Feb 28, 2013 11:26:49 PM Ignore CactusBobs Report Abuse all this oil and WE PAY 4.00 a gal ........GREED IS UGLY !
BREW9 All-Star Author Tampa Posts:891 Points:2,913,930 Joined:Jun 2004	Message Posted: Feb 28, 2013 11:25:37 PM Ignore BREW9 Report Abuse ok
Dragnet Champion Author Arizona Posts:15,411 Points:2,909,735 Joined:Jul 2004	Message Posted: Feb 28, 2013 11:25:10 PM Ignore Dragnet Report Abuse Tell the White House about this. Congress and WH will find a way to screw this up
NorthglennBill Champion Author Denver Posts:7,432 Points:1,473,895 Joined:Oct 2008	Message Posted: Feb 28, 2013 11:25:02 PM Ignore NorthglennBill Report Abuse What they mean here is that domestic oil benefits oil company economy. If sure hasn't helped me any with the high price of gasoline right now.
FlyNFool Champion Author South Carolina Posts:8,249 Points:1,686,175 Joined:Aug 2008	Message Posted: Feb 28, 2013 11:24:02 PM Ignore FlyNFool Report Abuse Really? A random act of journalism.
Jedman982 Sophomore Author Modesto Posts:122 Points:160,300 Joined:Dec 2006	Message Posted: Feb 28, 2013 11:21:50 PM Ignore Jedman982 Report Abuse Ok
5Golfer8 Champion Author Tucson Posts:2,143 Points:301,625 Joined:Jun 2011	Message Posted: Feb 28, 2013 11:20:30 PM Ignore 5Golfer8 Report Abuse Then spread the wealth and drop the prices of fuel.
Lizzylou Champion Author Stockton Posts:8,818 Points:2,357,285 Joined:Oct 2005	Message Posted: Feb 28, 2013 11:18:52 PM Ignore Lizzylou Report Abuse Gas is over $4.00 here!
PetroCrap Sophomore Author Toronto Posts:200 Points:108,275 Joined:Mar 2004	Message Posted: Feb 28, 2013 11:17:57 PM Ignore PetroCrap Report Abuse It doesn't matter where they drill because we won't benefit from it, we won't see a tenth of a cent in savings from domestic oil production.The only security is for the oil companies who now have a secure supply that they can sell on the world market to whoever is willing to pay world prices.We will never have a significant drop in prices, it's called Capitalism, sold to whoever is willing to pay the MOST.
SavALot Champion Author Virginia Beach Posts:8,479 Points:1,713,110 Joined:Apr 2005	Message Posted: Feb 28, 2013 11:17:33 PM Ignore SavALot Report Abuse depends on the outlook