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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:6,963 Points:2,116,640 Joined:May 2006	Message Posted: Mar 1, 2013 4:52:48 AM Ignore remay Report Abuse Benefits who???
afghaned Champion Author Hamilton Posts:11,809 Points:1,284,710 Joined:May 2004	Message Posted: Feb 28, 2013 10:18:54 PM Ignore afghaned Report Abuse I'm not seeing any benefit other than my wallet being lighter!!!
jrschl Champion Author Louisville Posts:2,962 Points:679,790 Joined:Jun 2011	Message Posted: Feb 28, 2013 10:16:23 PM Ignore jrschl Report Abuse I think the citizens of this country are benefiting the economy.
NemoIL Champion Author Illinois Posts:3,015 Points:1,311,170 Joined:Aug 2008	Message Posted: Feb 28, 2013 10:16:22 PM 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: Feb 28, 2013 10:15:25 PM Ignore tedjm1 Report Abuse Not saving me any money.
Brucevanf Champion Author New Brunswick Posts:1,351 Points:243,310 Joined:Aug 2012	Message Posted: Feb 28, 2013 10:13:52 PM 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:1,777 Points:1,215,125 Joined:Jun 2007	Message Posted: Feb 28, 2013 10:11:56 PM Ignore pa79th Report Abuse I'm still waiting to see any benefit at the pump.
Aviator_Rob Champion Author New York Posts:3,795 Points:412,565 Joined:Mar 2012	Message Posted: Feb 28, 2013 10:11:08 PM 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:724 Points:360,425 Joined:Mar 2012	Message Posted: Feb 28, 2013 10:10:41 PM Ignore wcp3rd Report Abuse OKay
BALRSTATUS Veteran Author Grand Rapids Posts:439 Points:91,000 Joined:Feb 2013	Message Posted: Feb 28, 2013 10:09:56 PM Ignore BALRSTATUS Report Abuse why is gas still so high
monarch57 Champion Author British Columbia Posts:1,625 Points:135,500 Joined:Nov 2008	Message Posted: Feb 28, 2013 10:09:42 PM 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:2,463 Points:661,975 Joined:Jan 2010	Message Posted: Feb 28, 2013 10:07:49 PM Ignore rahcat Report Abuse So why is the Obama regime standing in the way?
ican2step Champion Author Pittsburgh Posts:1,676 Points:426,425 Joined:Feb 2012	Message Posted: Feb 28, 2013 10:07:34 PM Ignore ican2step Report Abuse Okay.
wshokie12 Champion Author Winston-Salem Posts:1,315 Points:215,435 Joined:Aug 2012	Message Posted: Feb 28, 2013 10:06:53 PM Ignore wshokie12 Report Abuse Uh yeah.
mlambo Champion Author Indiana Posts:12,797 Points:2,687,890 Joined:Mar 2005	Message Posted: Feb 28, 2013 10:06:46 PM 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:1,869 Points:453,175 Joined:Jan 2012	Message Posted: Feb 28, 2013 10:06:32 PM Ignore ManOfLeisureII Report Abuse So what?
PrinceLH Champion Author Ontario Posts:2,687 Points:537,070 Joined:Jun 2011	Message Posted: Feb 28, 2013 10:06:09 PM Ignore PrinceLH Report Abuse Export tariffs are needed!
sjhman Veteran Author Atlanta Posts:409 Points:275,975 Joined:Sep 2008	Message Posted: Feb 28, 2013 10:04:54 PM Ignore sjhman Report Abuse obviously
Aviator_Rob Champion Author New York Posts:3,795 Points:412,565 Joined:Mar 2012	Message Posted: Feb 28, 2013 9:55:00 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:3,795 Points:412,565 Joined:Mar 2012	Message Posted: Feb 28, 2013 9:53:27 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:1,863 Points:1,233,660 Joined:May 2009	Message Posted: Feb 28, 2013 9:52:11 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:3,795 Points:412,565 Joined:Mar 2012	Message Posted: Feb 28, 2013 9:51:25 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:3,795 Points:412,565 Joined:Mar 2012	Message Posted: Feb 28, 2013 9:49:39 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:894 Points:417,480 Joined:Jan 2012	Message Posted: Feb 28, 2013 9:48:59 PM Ignore N4PIP Report Abuse Domestic oil production benefits the plutocracy.
Chris46 Champion Author Dayton Posts:23,656 Points:2,080,405 Joined:Sep 2005	Message Posted: Feb 28, 2013 9:48:50 PM Ignore Chris46 Report Abuse Every little bit helps
Aviator_Rob Champion Author New York Posts:3,795 Points:412,565 Joined:Mar 2012	Message Posted: Feb 28, 2013 9:47:44 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:6,226 Points:1,380,900 Joined:Feb 2008	Message Posted: Feb 28, 2013 9:47:32 PM Ignore smoketown Report Abuse Great !
s6sputnik Champion Author Austin Posts:6,219 Points:1,307,195 Joined:Jun 2007	Message Posted: Feb 28, 2013 9:44:24 PM Ignore s6sputnik Report Abuse Ok!
Aserdaten Champion Author Florida Posts:3,469 Points:2,051,810 Joined:Apr 2006	Message Posted: Feb 28, 2013 9:44:09 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:1,640 Points:360,835 Joined:Jan 2012	Message Posted: Feb 28, 2013 9:43:07 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:1,286 Points:604,700 Joined:May 2011	Message Posted: Feb 28, 2013 9:40:21 PM Ignore 7SPEEDY7 Report Abuse Ok
SparkieMi Champion Author Kalamazoo Posts:3,256 Points:586,960 Joined:Sep 2011	Message Posted: Feb 28, 2013 9:39:55 PM Ignore SparkieMi Report Abuse Many good posts!!!! Will we ever get the true story????
srchr Champion Author San Jose Posts:7,243 Points:1,618,100 Joined:Apr 2008	Message Posted: Feb 28, 2013 9:37:09 PM Ignore srchr Report Abuse duh
jrsva Champion Author Virginia Posts:9,847 Points:1,612,025 Joined:Jan 2006	Message Posted: Feb 28, 2013 9:35:16 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:10,789 Points:2,370,405 Joined:Dec 2004	Message Posted: Feb 28, 2013 9:33:37 PM Ignore falcons Report Abuse So we have GREED to explain the high prices.
REKEY Champion Author South Carolina Posts:8,569 Points:1,697,465 Joined:May 2008	Message Posted: Feb 28, 2013 9:33:16 PM Ignore REKEY Report Abuse Benefits EXXON, BP, etc but not the consumer!
vibdata Champion Author Massachusetts Posts:4,084 Points:848,325 Joined:Nov 2005	Message Posted: Feb 28, 2013 9:33:06 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:619,935 Joined:Dec 2010	Message Posted: Feb 28, 2013 9:31:00 PM Ignore lolobond Report Abuse He discover the Pacific Ocean.
Alfied Champion Author Riverside Posts:7,935 Points:1,755,135 Joined:Jun 2001	Message Posted: Feb 28, 2013 9:28:55 PM Ignore Alfied Report Abuse Of course.
snerd All-Star Author Pennsylvania Posts:935 Points:654,500 Joined:May 2005	Message Posted: Feb 28, 2013 9:27:27 PM Ignore snerd Report Abuse No kidding
CactusBobs Champion Author Phoenix Posts:2,726 Points:486,850 Joined:Jun 2010	Message Posted: Feb 28, 2013 9:26:49 PM Ignore CactusBobs Report Abuse all this oil and WE PAY 4.00 a gal ........GREED IS UGLY !
BREW9 All-Star Author Tampa Posts:876 Points:2,911,005 Joined:Jun 2004	Message Posted: Feb 28, 2013 9:25:37 PM Ignore BREW9 Report Abuse ok
Dragnet Champion Author Arizona Posts:15,401 Points:2,907,785 Joined:Jul 2004	Message Posted: Feb 28, 2013 9:25:10 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:7,417 Points:1,471,620 Joined:Oct 2008	Message Posted: Feb 28, 2013 9:25:02 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:8,239 Points:1,684,225 Joined:Aug 2008	Message Posted: Feb 28, 2013 9:24:02 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 9:21:50 PM Ignore Jedman982 Report Abuse Ok
5Golfer8 Champion Author Tucson Posts:2,138 Points:300,650 Joined:Jun 2011	Message Posted: Feb 28, 2013 9:20:30 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 9:18:52 PM Ignore Lizzylou Report Abuse Gas is over $4.00 here!
PetroCrap Sophomore Author Toronto Posts:199 Points:107,480 Joined:Mar 2004	Message Posted: Feb 28, 2013 9:17:57 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:8,464 Points:1,710,635 Joined:Apr 2005	Message Posted: Feb 28, 2013 9:17:33 PM Ignore SavALot Report Abuse depends on the outlook