PLANO, Texas (7/10/13)--The rise of production of natural gas and oil from shale and wind renewable energy sources means credit unions should consider these factors when planning for the future, says energy and financial expert Kathleen Cooper, who will be one of the speakers at Catalyst Corporate FCU's 2013 Economic Forum Oct. 22-23 in Frisco, Texas.
The increases in energy production are expected to improve job opportunities, member deposits and the demand for consumer loans, she said.
"The shale revolution will restore U.S. competitiveness in a broad range of industries," Cooper said in a press release from Catalyst Corporate. "As production of shale in the U.S. increases, dependence on energy from other countries will be reduced, adding job and contributing to economic growth."
The increase in oil and natural gas from shale will move the U.S. above Saudi Arabia in crude-oil production by 2020, according to the International Energy Agency, an energy policy watchdog for the world's major industrialized nations.
Cooper noted that the rising trend will contribute to the U.S. economy by making the nation less energy-dependent globally. The fate of the Keystone Pipeline, a 1,179-mile crude oil pipeline that would run from Hardisty, Alberta, in Canada, to Texas and Louisiana, also will affect economic growth. If approved, jobs will be added in the regions where the pipeline will pass.
"Over the 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," Cooper said.
Cooper is chair of the National Bureau of Economic Research and member of the Council on Foreign Relations and the Conference of Business Economists. She served as Under Secretary for Economic Affairs of the U.S. Department of Commerce from May 2001 until August 2005, serving as the principal economic adviser to the Secretary of Commerce.
Cooper will join a lineup of economists and financial industry experts who will provide insights during the Economic Forum about where the markets are heading, what consumers can expect and what credit unions should consider in planning for the future.