In an interview that appeared on March 25, 2014 in Il Sole 24 Ore, Italy’s leading financial newspaper, Dr. Robert Wescott describes how gains in domestic productivity and cheap natural gas is helping to improve American industrial competitiveness. Wescott notes that although the process is just beginning, there is some “re-shoring” of manufacturing activity from China back to the United States. He describes moves by companies, such as General Electric, Lenovo, and Google. He also describes the contributions of increased domestic production of oil is making to the U.S. trade balance. Compared with 2008, he explains that the U.S. current account deficit is about 0.8 percent of GDP smaller because of the surge in domestic oil production.
Links: Il Sole 24 Ore