In this section, we detail the less obvious, but equally significant, Economic Dividends of the Steel Interstate. The Energy Advantages and National Security portions of this web site describe the enormous strategic advantages of the Steel Interstate in saving oil and preparing the nation to manage declining production and escalating price of oil after the imminent worldwide peak of oil production. But the benefits go far beyond these huge Energy, National Security, and Environmental considerations.
Clearly if 7% of the nation’s current oil consumption can be saved, at only the modest cost of 1% more electrical use, as one analysis projects, that can go a long way toward paying for the build-out of the Steel Interstate system.
Furthermore, there are huge positive implications from not sending hundreds of billions of dollars annually overseas, often to countries that are not particularly friendly, to pay for oil. This money could be kept here at home, funding jobs, growth, and economic opportunity. The nation’s balance of payments deficit would also shift markedly, as oil imports constitute a large piece of the monthly imbalance
The Steel Interstate build-out would be an economic boost to the nation over many decades. Unlike short term stimulus measures, the Steel Interstate is not a “one shot in the arm” effort. As with the Interstate Highway program over the past 50 years, the Steel Interstate would pump economic investment into the nation’s transportation infrastructure over many decades.
