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NAFTA Energy Empire of North America. Bud Weinstein, @smucox
"..As is well-known, the shale revolution in the U.S. has boosted oil and gas production to record levels. In Canada, meanwhile, oil production has jumped more than 50 percent over the past decade with the increase coming principally from the oil sands in Alberta, which are estimated to hold the third-largest reserves in the world.
Oil and gas production in Mexico has been declining for many years, but the historic legislation passed in 2013 that ended 75 years of state monopoly is already attracting new investments from the U.S., Canada and other countries that should soon reverse this downward trend.
The energy markets in North America are already somewhat integrated. For example, Mexico today generates more than 25 percent of its electricity with U.S.-supplied natural gas. With more gas pipelines under construction, U.S. exports to Mexico are expected to double by 2019. Significant amounts of crude oil from Alberta are shipped to U.S. refineries by rail and pipelines. And last year, the U.S. imported 70 million megawatt hours of hydro-generated electricity from Canada.
NAFTA also has led to transnational supply chains, enabling companies to keep costs low by manufacturing and assembling products across the continent. Natural gas from the U.S. helps keep Mexico’s power costs lower than China’s, its chief manufacturing rival.
Abundant energy allows for goods to be transported cheaply across extended supply chains while lowering factory overhead costs.
North America possesses five times more fossil fuel reserves than OPEC, providing the potential for our continent to become a global energy colossus...."
Editorial: This is the speech Mr. Trump should have given to introduce himself to the world at his Inauguration. In place of that speech’s resentments, his Warsaw talk offered a better form of nationalism. It is a nationalism rooted in values and beliefs—the rule of law, freedom of expression, religious faith and freedom from oppressive government—that let Europe and then America rise to prominence. This, Mr. Trump is saying, is worth whatever it takes to preserve and protect. – Wall Street Journal (subscription required)