Boom: Today’s Economic Gusher Can End Up as Tomorrow’s Fiscal Pit

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Boom: Today’s Economic Gusher Can End Up as Tomorrow’s Fiscal Pit

Boom’ the eighth episode of America: The Story of Us teaches on how the discovery of oil in the American Republic led to increased growth of the industrial sector such as the motor vehicle industry. The discovery of the natural resource marked the beginning of the economic boom in the country. Because of the immense availability of the energy resource, Henry Ford is able to mass-produce and bring the modern motor vehicle close to the American masses. Ease of transportation services leads to subsequent increment in engineering projects allowing the American West to grow into one of the modern regions in the world. Despite the economic advantages, there are numerous eco-political policies put in place to regulate growth. The restrictions encourage the establishment of organized crime in the republic. There is increased moonshine production and smuggling activities around the Great Lakes regions. Economic reliance on one region and resource is of more risk than in diversification activities.

Socioeconomic conditions in a market are susceptible to change meaning the present operational variable are not applicable in the future. The producers of the video teach that the availability of income generating avenues does not necessarily mean economic progression. For instance, the video talks of the 1970s Texas Oil Boom that was later followed by an energy crisis just after a decade. The crisis was because of the embargoes put in place by the Organization of Petroleum Exporting Countries (OPEC). The embargos led to increased oil production that superseded economic growth meaning oil prices fell to near collapse. Lessons from the video and the American energy history teach that economic booms may be adverse to long-term fiscal growth.

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