A recent commentary on the Washington Post’s “Wonkblog” illustrates the ability of professional economics to collide with common sense. The article seeks to pooh-pooh the idea that America’s oil and natural gas expansion have contributed much to the (anemic) economic recovery, but the arguments are dubious at best. If we just look at unemployment rates at the state level, it is pretty clear that the innovations in the oil and gas sector have done wonders. For those wishing to boost job creation, reduce costs for the average American household, and reduce the deficit with no tax hikes, expanded energy development is still a no-brainer.
