The U.S. oil and natural gas sector could thrive with federal stimulus packages and with the resumption of fair trade worldwide, a top Federal Reserve Bank (Fed) executive said Tuesday in North Dakota.
Fed President Neel Kashkari of the Minneapolis branch spoke at the Williston Basin Petroleum Conference. He discussed the Biden administration’s proposed stimulus packages, among other things, with North Dakota Petroleum Council Chair Kathy Neset. She noted there is uncertainty regarding the stimulus plans, but Kashkari said they would be positive for the industry.
“Most economists are surprised by how much capacity the U.S. government has to issue debt at very low interest rates,” he said. “There is great confidence in the U.S. economy around the world, along with the U.S. legal system and our political system. As much as we’re dysfunctional at times, the rest of the world has a lot of confidence in America.”