GDP INCREASES TO 2.5% DUE TO THE ENERGY SECTOR IN OIL PRODUCTION INSPITE OF OBAMA’S REGULATIONS AGAINST DOMESTIC OIL EXPLORATION–HOW GREATER WOULD PEOPLE BE ABLE TO FIND WORK IF AND WHEN THIS COUNTRY’S TRUE ENERGY OUTPUT IS UNLEASHED FOR ALL THE AMERICAN PEOPLE, MORE SUPPLY LOWER THE COST

The United States petroleum trade deficit hit a record low in June as booming domestic oil production displaced imports and exports of refined petroleum products increased.

That played a significant role in revising U.S. gross domestic product growth in the second quarter to 2.5, up from 1.7 percent, said Furman and Sperling.

The economists noted that U.S. oil production is at its highest level in 17 years. They also said increased biofuel production and fuel efficiency standards will have a positive impact on the petroleum trade deficit.

Republicans and industry contend the Obama administration can do more on the supply side by opening federal onshore and offshore land to more drilling.

They say that would provide jobs and enhance energy security. Sperling and Furman noted the oil and gas industry has added more than 35,000 jobs in the past four years.

Read more: http://thehill.com/blogs/e2-wire/e2-wire/319649-booming-oil-production-boosted-gdp-estimate-white-house-advisers-say#ixzz2dkNrVhuw