Welcome to the Great American Energy Boom - We Are Just Getting Started According to the Energy Information Administration (EIA), the United States surpassed Saudi Arabia last June to become the No. 1 petroleum producer in the world. America is no longer under Saudi Arabia, and it is the clear leader in both crude oil and natural gas. The United States is now producing over 12 million barrels per day. The shale energy revolution has taken America from the “resource scarcity” of the 1970s energy crisis, to a new era of “resource abundance.” AEI describes it as the “energy equivalent of the Berlin Wall coming down, and it would have been largely unthinkable even five years ago. Americas leadership is due to revolutionary drilling and extraction techniques, such as hydraulic fracking and horizontal drilling. They were developed in the United States and they have unlocked vast oceans of shale oil and gas. The result is the second biggest oil boom in history. The impact is especially apparent in Texas and North Dakota, which this week surpassed one million barrels on a yearly basis. The North Dakota Oil Commission projects production will reach 1.6 million barrels. This is great news for all Americans, and it defies the predictions made by liberals and environmentalists. • In 2012, the liberal Slate claimed North Dakota oil production would never get pass 600,000 barrels on an annual basis. • Another Slate article claimed boom predictions were wrong and was entitled The Myth of Saudi America. slate/articles/health_and_science/science/2013/02/u_s_shale_oil_are_we_headed_to_a_new_era_of_oil_abundance.html • Smart Planet quoted the Sierra Club who predicted US crude oil production would not pass Saudi Arabia until 2020. • In January of this year the Christian Science Monitor predicted oil production would slow in North Dakota. • The Motley Fool also predicted a horizontal well production decline.
Posted on: Mon, 18 Nov 2013 01:49:35 +0000
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