After decades of rising prices, hostile foreign suppliers and warnings that Americans will have to bicycle to work, the world faces the possibility of vast amounts of cheap, plentiful fuel. And the source for much of this new supply? The U.S. “If this is true, this could be another dominant American century,” said Brian Wesbury, chief economist at First Trust Advisors, money managers in Wheaton, Ill.
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If this is true, and there’s every reason to believe it is, the Fed needs to stop monetary loosening, or risk a long-term error in policy.