As I write this, much is unknown about the upcoming fiscal cliff and whether our elected representatives have the tenacity to do something about it. If not, it’s likely that individuals will not see a huge impact immediately, unless you are one of the ones to lose your job. As time goes on, however, who knows? A number of jobs will be lost if sequestration is allowed to move forward. This may certainly affect those who serve the military and aerospace sectors of our industry. Unfortunately, entitlements – including our newly imposed government health-care program – will need to be impacted, and politicians don’t have the will to see that happen. Interesting (and unsettling) times! This uncertainty is what causes business to stall.
Recent forecasts indicate that the U.S. could be the world’s largest oil producer by 2020. These predictions don’t reflect government “involvement” in this industry, which is not at all unlikely. Watch what happens to permits for liquid natural gas (LNG) export facilities, which are currently sitting on the President’s desk. We understand that eight LNG terminals are currently being constructed (and permitted), and only one has permission to operate.