Posted on March 7, 2014 at 2:21 pm by Collin Eaton
HOUSTON – The national oil and gas boom may have created a quarter of the jobs U.S. employers have added to payrolls since the economic downturn began six years ago, former Federal Reserve Chairman Ben Bernanke said Friday.
Closing out the massive IHS CERAWeek energy conference in downtown Houston, Bernanke said energy production also has greatly improved the U.S. trade imbalance as exports of refined fuels rise, and it has boosted the nation’s competitive position in the world.
“It has clearly been one of the most beneficial developments” in the U.S. since the financial crisis of 2008, he said. “Foreign companies are investing in the U.S.instead of jobs going out. I don’t want to overstate it, because the U.S. economy has a ways to go, but it’s one of the bright spots. We are in fact regaining our very strong position in energy production.”