Telegraph readers already know about the "shale gas revolution" that has turned America into the world’s number one producer of natural gas, ahead of Russia.
Less known is that the technology of hydraulic fracturing - breaking rocks with jets of water - will also bring a quantum leap in shale oil supply, mostly from the Bakken fields in North Dakota, Eagle Ford in Texas, and other reserves across the Mid-West.
"The US was the single largest contributor to global oil supply growth last year, with a net 395,000 barrels per day (b/d)," said Francisco Blanch from Bank of America, comparing the Dakota fields to a new North Sea.
It is not just energy; Evans-Pritchard points to something that I have pointed to previously:Total US shale output is "set to expand dramatically" as fresh sources come on stream, possibly reaching 5.5m b/d by mid-decade. This is a tenfold rise since 2009.
Meanwhile, the China-US seesaw is about to swing the other way. Offshoring is out, 're-inshoring' is the new fashion.I have mentioned here some of the surprising goods that I find myself buying that are made in America--like socks! There comes a certain point where American advantages in efficiency, little or no transportation costs from maker to consumer, and perceived quality advantages, win over the Chinese sweat shops.
"Made in America, Again" - a report this month by Boston Consulting Group - said Chinese wage inflation running at 16pc a year for a decade has closed much of the cost gap. China is no longer the "default location" for cheap plants supplying the US.
A "tipping point" is near in computers, electrical equipment, machinery, autos and motor parts, plastics and rubber, fabricated metals, and even furniture.
"A surprising amount of work that rushed to China over the past decade could soon start to come back," said BCG's Harold Sirkin.
Maybe Evans-Pritchard is too optimistic. Maybe Obama will win the battle over cheap energy, and succeed in making us dependent on Middle Eastern oil and alternative technologies powered by unicorn flatulence. Or perhaps the Republican Party will make a dramatic turnaround actually stand for free markets and capitalism. But I need all the optimism I can get right now.