There’s No Magic Solution To The Slowdown In U.S. Output Growth

An executive order signed by President Trump titled ‘Unleashing American Energy’ signed on 20 January detailed oil’s importance in restoring U.S. economic and military security. The executive order describes oil as an abundant low-cost resource that has been held back by regulations, and that can now be freed to fuel a renaissance in manufacturing thanks to the cost advantage of cheap oil. Commodity analysts at Standard Chartered have pointed out that Trump’s view of U.S. oil hinges on several assumptions: that oil is fungible…