A few years ago, in a 2013 article on MarketWatch, I predicted that by early in the next decade, the United States would no longer need imported oil from OPEC. I was in no uncertain terms told I was wrong by many pundits and commentators, as well as, flat out laughed at.
“…Because the combination of increased solar usage and development of our unconventional oil and gas resources will be the key to complete freedom from OPEC by early next decade…”
The rapid improvements in solar energy, wind power, batteries, electric vehicles, hybrid vehicles, building efficiency and drilling technology, has in fact put the United States on the path I laid out just 4 years ago. That “all of the above” approach, so long as it is not disrupted by politics, will lead the U.S. to not needing OPEC oil imports by the mid 2020s.
2017 marks the beginning of a pivotal period for the global economy and geopolitical landscape. Over the past 40 years, the underpinnings of expanding global trade — globalization — has led to unprecedented economic growth. The remarkably uneven distribution of that growth and wealth creation, however, has finally caught up with the system. The world is facing a rise of populism with overt nationalist leanings in many countries — much like the period between World War I and World War II. Onto that stage, enter President Trump.
For the past few years, I have been writing about how the global economy is poised for a very long period of slower growth. Early this year on MarketWatch, I dubbed what was going on as “slow growth forever.” While I know that people want to believe that the global and U.S. economies can grow faster, the reality is that slower growth is structural in nature.
Bluemound Asset Management, LLC is a fee-only Wisconsin Registered Investment Advisor • 855–445-4321
Kirk Spano works with clients throughout Wisconsin, as well as, accepts clients nationally.
All information herein has been prepared solely for informational purposes, contains no guarantees of any kind and is not an offer of case specific advice. Opinions subject to change.