Great, but my question is this, with all of this oil and natural gas why are we paying more at the pump and home? Answer is it the corruption in the white house? With the EPA running wild on policy? We should be paying less at the pumps but since the clown got elected we are being raped and pillaged. 2008 gas prices at the pump 1.86 per gallon.
Natural Gas is down, compared to years past. It dropped too low, shutting down much of the drilling for gas specifically. It has slowly come up to a more stable price domestically.
Oil and associated gasoline/diesel prices have not moved much because of a couple items offset the reduction in imports. First, we still import ~7 million barrels a day of crude oil; we are quite tied with global market. Secondly, the Global demand has risen with Global production. Our reduction of imports has been taken up with additional demand around the world, and US demand rose slightly from 2012 to 2013. The demand continues into 2014.
The higher prices are what is driving the increase in US production. Those shale wells are not cheap. And the flow rate drops down fast.
Comparing to the bottom of a momentary dip is no different than comparing to the peak of a momentary peak. You could just as easily say oil should be over $140 a barrel from Summer 2008. Transition points do not represent the long term cost of supplying the products.