Wharton Gladden Managing Director Algenon Cash also serves as Chairman of the North Carolina Energy Forum, a non-partisan group, he was the keynote speaker at a dinner for elected officials at the Coastal Leaders Offshore Energy Conference in Myrtle Beach, South Carolina.  In addition, he also shared the same remarks at a town hall to discuss emerging trends and opportunities within the oil and natural gas industry, which was hosted at Winston-Salem State University.

Here is the transcript of Algenon’s remarks:

My Home

I’m from East Winston-Salem.  I grew up in a “shotgun house” on Liberty Street and quite frankly witnessed events that no child should experience.  My neighborhood was infested with drugs, prostitution and extreme poverty.  I was fortunate to have loving grandparents raise and mentor me through the early years of my life.  Although we struggled financially, my grandfather made it up by investing time, as well as sewing my spirit with a strong foundation of powerful lessons and principles.

The American Dream

One very simple principle that my grandfather shared and I still firmly believe today is that “we live in the greatest country on Earth”.  Now I’m going to repeat that statement because we rarely hear it any longer to the point that some people simply miss what I’m saying.  But America is the greatest country on Earth!!

My grandfather taught me to believe in the American dream because he fundamentally believed that we were lucky to be born in such an amazing place at a unique point in human history and he taught me to use my life to make a significant contribution to sustaining the greatness of our country.

Today many of us no longer believe in the dream and it’s not only frustrating but sad to witness many of our fellow citizens and leaders lose hope in the future of our great country.

No other country on Earth possesses the wealth of creativity, innovation and entrepreneurial talent that we have in our young country.  The value that we place on free markets, liberty and ‘service above self’ has enabled us to create an unmatched world power.

But why should our children, families and neighbors be hopeful?

Close to 5 million people in this country are still long-term unemployed while food and energy costs skyrocket, but household incomes are flat and in many communities declining.  Families are forced to string together part-time jobs to pay the mortgage and keep clothes on their children. Struggling moms and dads can no longer send their children to college or put some money away for retirement.

Right here in NC, we lead the nation with the 4th highest unemployment rate at nearly 9%, we are the tenth state with the highest poverty rate, 700K of our neighbors live on $30 day or less and 1 out of 5 children live in poverty.  This is happening in the greatest state in the greatest country on Earth.

All of this is happening simultaneously while our elected leaders fight and squabble over ideological differences, but constantly fail to offer a big vision that inspires us all to be hopeful in the future of this country.  For many the American dream has simply become the American nightmare.

Never Count Out America!

But we have been here before.  My grandfather used to share stories about the 1930’s ‘Great Depression’ and the hopelessness that encapsulated our country in this time of economic catastrophe.  Other countries predicted the end of America and our reckless system of capitalism and democracy.

America responded by reestablishing our economy through industrial production and we quickly rose to become a world superpower in the 1950’s.

Some decades later America would once again face perilous times when we entered the 1980’s weakened from an energy crisis and many years of economic stagflation during the 1970’s.  I personally recall teachers encouraging us to learn Japanese because Japan would soon overtake America as a world leader.  How did we respond?  America silenced its critics once again by creating 20 million jobs in the 90’s, balancing the federal budget and growing economic prosperity to an unimaginable level.

Let’s Restore the American Dream

In each of those circumstances there was a catalyst … War with Germany and Japan during the 1930’s and a technology boom driven by the Internet revolution during the 1990’s.

Again, we are searching for a catalyst, and I firmly believe that energy could be the catalyst that drives the future of our changing economy and restores the American dream.

America is now the global leader in oil and natural gas production, surpassing Russia and all other traditional energy producing countries.  This little known but powerful truth about America’s surge in domestic energy production is narrowing the trade deficit, boosting our economy and strengthening our national security.

In states such ND, SD, PA, AL, OK, AK and TX … the unemployment rate averages 5.0%, incomes are rising and the entrepreneurial spirit has been unleashed in these energy producing regions.

By expanding offshore energy in the Atlantic Outer Continental Shelf, we can create over 145,000 new jobs, generate $6 billion in new tax revenue and make an $11 billion impact to state economies through more exploration and development.

So let me be clear, the numbers reveal to us a tremendous opportunity ahead of us not just for the country, but also in our region, however we must take action if we want to restore the American dream.  We have a critical responsibility as leaders to our children, families and our neighbors to do whatever it takes to implement a vision that may stretch our abilities, but will leverage the many strengths and resources of this great country.

Today you all will have the special chance to receive a unique education about the amazing possibilities that offshore energy can generate.  I simply ask that you maintain an open and engaged mind, and then utilize that information to help others in your local communities begin to understand the significant impact that energy can make to your local economy, family incomes and overall quality of life.

Let’s restore the American dream together … the time to get into the energy business is NOW!!

Algenon Cash is the managing director of Wharton Gladden, a Greensboro-based investment banking firm.  He is also the State Chairman of the North Carolina Energy Forum and National Director for the America’s Energy Forum.