The Relationship Between Energy and The Economy Is More Complex Than You Think

The Relationship Between Energy and The Economy Is More Complex Than You Think

In Economy, Energy, Wind & Solar by Steve Vitale

In the first of Steve Vitale’s blogs, he explains how the relationship between energy and the economy is becoming more complex than before and what knock-on effects this will have

Over the course of the next few months, I am embarking on a writing series to explore the complex relationship between energy and the economy. Access to affordable energy fosters the growth of a global middle class — ensuring that access is the noble responsibility of governments and industry worldwide.

In the United States, we benefit from our inherited economic standing, which we owe in no small measure to both our access to affordable energy, and our ability to use those resources to transform our lives and the American landscape. The improvement in quality of life that comes with economic progress across the developing world should not be discounted and should not be beholden to sanctions imposed by “First World” actors who have profited from the very tactics they seek to ban.

The globe’s increasing appetite for energy will need to be met with an “all-of-the-above” energy strategy. With access to affordable energy, the growing global middle class will prosper and will set the scene for sustained growth of global markets that they enter as new consumers. Global access to affordable energy is a starting point that encourages access to commerce, education, healthcare, and consumer goods consumption, which we impede at our own peril.

Some Lessons Need to Be Learned

Today, the world has 7.2 billion humans and by 2050 it is expected to have 9.6 billion. The demand on energy needs is going to be extreme. Most people don’t understand the interconnectedness of energy supply in our society and it’s time people noticed that it’s not as easy as saying everyone should use renewable energy sources such as wind power or solar power. The use of all energy sources is going to be required to improve the lives of both developed and developing nations. The world will be a safer place as a global middle class continues to develop.

One of the main purposes of these writings will be to help communicate and make the connections to how the energy system works, how energy impacts the economy and how energy impacts the long term future of the United States and rest of the world.

Midwest proudly serves industries related to the production of all energy sources, and we’re proud to be a part of the process of providing safe and affordable access to energy. I’ll be expanding on these topics in the weeks ahead. Thank you for reading. Please stay tuned, leave a comment, or share this if you’re of a like mind or simply would like to take the conversation further.