Something About The American Energy Boom Story Doesn't Make Sense

Innovations in hydraulic fracturing technology have enabled the world's energy producers to extract oil and gas from North America's shale.

This has sparked an energy boom, which has helped keep U.S. energy costs in check.

Unfortunately, this has not led to the expected recovery in the more energy intensive domestic industries.

Wells Fargo Securities economist Tim Quinlan alerted us to this jarring trend when he offered his "Most Important Chart In The World."

"While manufacturing output has made a full recovery from the recession, output in the five most energy-intensive manufacturing industries remains 11% below its prerecession peak."

Wells Fargo

Odd.