Energy Dependence

August 15, 2016

“Formula for success: Rise early, work hard, strike oil.”
J. Paul Getty

Some topics can seem so complex that we push them aside to speak about more convenient issues. Our economic and personal dependence on the energy industry is one of those topics that many of us avoid until a crisis emerges.

Energy, like education, touches us all. We depend on it as we sleep to keep us cool or warm, to help feed us during the day, and to make it possible for us to make a living. The importance of reliable, low-cost energy to our daily lives and to our economy cannot be overstated.

In the past 10 years we’ve seen dramatic changes in the energy markets due to events like the 2008-2009 financial crisis and TARP subsidies, upheaval in the Middle East power structure, a tsunami in Japan, scientific breakthroughs in hydraulic fracturing, and the continuous improvement of renewable energy and automotive technologies.

It remains true that our manufacturing and technology sector business models are built on the ability to deliver energy reliably and at a very low cost. It is also true that the U.S. consumer is dependent on fuel prices remaining low in this era of limited growth.

Changes to the industry, some based in science and others in politics and geopolitics, will continue to impact our competitiveness at national, state and local levels. As economic development stakeholders, it is important to remain involved and educated about this subject. A few sites and articles I’d recommend include:

The U.S. Energy Information Administration
The U.S. Energy Information Administration Ohio Energy Profile
Hengel: Will U.S. Return to Begging for Oil? – The Houston Chronicle

-Kenny McDonald

One Columbus Update

  • This week, the One Columbus team will meet with site consultants in Cleveland.
  • Back at home, our team will host companies considering the Columbus Region.
  • Mark your calendar for the next One Columbus Investor Update on October 6.