The Department of Energy released its Monthly Energy Review in March, with almost all important energy statistics now updated through the end of 2012. Based on these updates, here are some highlights of America’s amazing energy statistics for 2012:
1. The US produced an average of 6.574 million barrels of oil per day in 2012, which was the highest average annual crude oil output since 1995 (see blue line in top chart above). US oil output has been accelerating, and during the first two months of 2013 crude oil production averaged 7.046 million barrels of oil per day, which is the highest production level since 1992, twenty years ago.
2. In 2012, several states set new production records for crude oil output, including North Dakota, New Mexico, and Colorado. Other states set multi-decade production highs for crude oil output including Oklahoma (highest since 1994), Texas (highest since 1989), Utah (highest since 1988), Wyoming (highest since 1999), and Kansas (highest since 1995).
As the Boston area begins to recover from the tragic and unprecedented events of the past week, the lessons learned will be far reaching. Emergency management professionals, like their counterparts in law enforcement, are pretty good culturally at pulling together “after-action” reports that chronicle what they did right and what they can do better next time. Those lessons learned will offer new chapters to study and consider in terms of planning and preparations for any future incidents of this magnitude but in terms of the private sector, there are a number of lessons learned that need to be studied as well.
The manhunt for the bombing suspects unfolded had a real dollars and cents cost to it, with the unprecedented closure of the Boston area’s mass transit systems as well as the request by Massachusetts Governor Deval Patrick and Boston Mayor Thomas Menino for businesses to close for the day.
With people not going to work and office buildings closed, along with schools and universities, the regular daily commerce that is life in a major metropolitan city stopped. In what looked like a scene from a science fiction film, streets that would normally have thousands of people doing their daily routine were empty of people, with the exception of a police officer on foot patrol or a police vehicle driving through it.
Several weeks ago, I was surprised to hear the topic of children raised at an advisory board meeting of senior business leaders that I attended. Amid discussions about economic growth and emerging technology trends, over two dozen business leaders expressed concerned about the youngest generation.
In many ways, this reflects a growing awareness about why children matter to our nation’s future. Businesses need children to prosper. Beyond the usual cliché that “children are our future,” more importantly, children ensure our country will have an abundant source of talent, labor, and consumers to draw on as part of future success and economic growth.
Let’s consider several implications that children pose to the future of American business.
Greater Economic Value Per Child
Currently the United States has nearly 314 million people, and almost a quarter (24%) of the total population is children, according to the Federal Interagency Forum on Child and Family Statistics. Population projections show that the United States will remain the third largest country in the world by 2050, following India and China.
Every week, the Emerging Issues team at the U.S. Chamber of Commerce shares the interesting writing they've come across throughout the week.
Paul Krugman: “The real real America — the America in which most Americans live — looks more or less like metropolitan Baltimore.”
Seeing a digital version of your older self appears to make you save more for retirement, according to Cass Sunstein. Visualizing future risks bring forward the costs and reality to the present.
Is the cupcake bubble bursting?
Jim Tankersley: “Is the successor to manufacturing jobs … manufacturing?”
Harvard economists Carmen Reinhart and Kenneth Rogoff (R&R) wrote a profoundly influential paper some 3 years ago finding that a country’s economic growth tumbles when it’s debt-to-GDP ratio passes 90%. That number became a handy rule of thumb to policymakers across the world trying to deal with their country’s rising debt burdens.