Rahm Emanuel: US Energy Revolution Equals Internet in Importance

Thursday, 16 Jan 2014 07:44 AM

By Dan Weil

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The explosive gains in U.S. energy output are as significant for the country as the development of the Internet, says Chicago Mayor Rahm Emanuel.

"The biggest revolution equal to the Internet is the energy independence of the United States," he told CNBC. "The cheap natural gas is going to allow us to basically re-shore manufacturing."

The use of hydraulic fracturing has led to huge increases in U.S. oil and gas production, driving prices down. BP forecasts the country will be energy self-sufficient by 2035.

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Steve Forbes, chairman of Forbes Media, who appeared on CNBC with Emanuel, echoed his comments on energy and manufacturing.

Cheap energy is an "exciting thing," Forbes stated. "Manufacturing's coming back in ways that we can barely anticipate in terms of old manufacturing and new manufacturing."

On another issue, Emanuel says it's possible for business and government to have a cooperative relationship. "There's a misnomer that business is against government," he said.

"They know that government has a proper role and an investment role that creates a platform for them to succeed. And there's also a misnomer on the government side in the sense of what the private sector can and can't do."

As for energy, a recent report from the Energy Department's Energy Information Administration (EIA) predicts that domestic oil production will reach 9.6 million barrels per day in 2016, matching the 1970 high.

"The EIA report confirms that the United States really is experiencing an energy revolution," energy historian Daniel Yergin told The New York Times.

Editor’s Note: Free Video — ‘Rogue Calendar’ Could Turn 490% Profits

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