A former economic adviser to the Secretary of Commerce said the increased production of natural gas and oil from shale, along with renewable energy sources such as wind, are expected to create jobs and bring loan demand and member deposits with them.
“As production of shale in the U.S. increases, dependence on energy from other countries will be reduced, adding jobs and contributing to economic growth,” said Kathleen Cooper in a release from the $2.65 billion Catalyst Corporate FCU.
Cooper, who served as Under Secretary for Economic Affairs of the U.S. Department of Commerce from May 2001 until August 2005, is a scheduled speaker for Catalyst’s 2013 Economic Forum, which will take place Oct. 22-23 at the Embassy Suites Hotel and Conference Center in Frisco, Texas.
Cooper also has been chief economist with the Exxon Mobil Corp. and is currently dean of the College of Business at the University of North Texas, according to her profile at Speakerpedia.com.
The International Energy Agency, the energy policy watchdog for the world’s major industrialized nations, has predicted that the increase in oil and natural gas from shale will move the U.S. above Saudi Arabia in crude oil production by 2020.
The production of natural gas and renewable energy from wind will continue to contribute to the U.S. economy by making us less energy dependent globally. And the fate of the so-called Keystone Pipeline is certain to have an impact as well on economic growth.
If approved, jobs will be added in those regions through which the proposed pipeline passes, including Texas and Louisiana, Cooper said.
“Over these next few years, economic growth in the U.S. will slowly pick up, and short term rates will stay low, helping financial institutions to profit,” she said.
Currently, Cooper also is chair of the National Bureau of Economic Research and a member of the Council on Foreign Relations and the Conference of Business Economists.