President Obama Gets It: Fracking Is Awesome

Forbes ^ | 2/12/2013 | Christopher Helman

[thackney]

In his State of the Union address tonight President Obama said:

“After years of talking about it, we are finally poised to control our own energy future. We produce more oil at home than we have in 15 years. We have doubled the distance our cars will go on a gallon of gas, and the amount of renewable energy we generate from sources like wind and solar – with tens of thousands of good, American jobs to show for it. We produce more natural gas than ever before – and nearly everyone’s energy bill is lower because of it.”

Yes indeed, thanks to fracking, crude oil production in the United States is surging. From a low of 5 million barrels per day in 2008 output has shot up in a hyperbolic curve to 7 million bpd as of last week.

The last time America’s petroleum output was that high was back in 1992 — 20 years ago.

What’s more, U.S. imports of petroleum have fallen to the lowest level since 1999. (Below 10 million bpd today versus 14 million bpd in 2005.)

Due to a 12% decrease in gasoline consumption during the last four years of recession, we’re using less petroleum too.

The result is that our exports of petroleum products are up nearly 150% in three years to a record $140 billion. As hyperbolic as the increase in oil production has been, so has the decrease in our petroleum trade deficit, falling from $360 billion a year ago to an annual rate of $224 billion today (less than half the $500 billion annual oil deficity of 2008).

This is an awesome accomplishment. And it is all thanks to fracking. Without the techniques of horizontal drilling and hydraulic fracturing, this Great American Oil & Gas Boom would simply not exist.

[sauropod]

bflr