Posted on 09/30/2014 8:26:35 PM PDT by 2ndDivisionVet
The Financial Times [subscription] is reporting that the US is poised to become the world’s largest producer of liquid petroleum (oil and natural gas liquids):
US production of oil and related liquids such as ethane and propane was neck-and-neck with Saudi Arabia in June and again in August at about 11.5m barrels a day, according to the International Energy Agency, the watchdog backed by rich countries.
With US production continuing to boom, its output is set to exceed Saudi Arabia’s this month or next for the first time since 1991. [...]
Rising oil and gas production has caused the US trade deficit in energy to shrink, and prompted a wave of investment in petrochemicals and other related industries. [...] It is also having an impact on global security. Imports are expected to provide just 21 per cent of US liquid fuel consumption next year, down from 60 per cent in 2005.
The reason? Fracking. As Walter Russell Mead points out:
With productivity continuing to rise, the United States has a chance to become the single biggest producer of crude oil sometime in the near future. If you had said that a decade ago, you would’ve been laughed at and called a fool. What a difference fracking makes.
Indeed. The “peak oil” pundits were sure we were on the precipice of running out of oil. Now, it seems, the sky is indeed the limit. Which is why it makes little sense, given the state of climate science, that our President is busily engaged via the UN and other domestic agencies, in throttling back one of the most economically viable growth engines the American economy has at the moment (and for the foreseeable future).
Instead of working on a policy to limit future use of hydrocarbons, this White House should be pushing a policy that helps us safely and sustainably exploit these assets for all. Additionally, while petroleum is indeed a global commodity, this level of production would go a long way toward the promise of energy independence in time of crisis. It helps remove oil as a weapon of choice by various less than friendly states and allies of convenience.
Two winners for the US: economic growth and national security.
Instead we get an attempt to establish an new tax based on specious science.
Sort of par for the course, no pun intended.
In spite of Obama, and the Democrats.
Hahahahahahahaha. That is all for now.
Can we now finally tell those swaddle-assed moving tea towels in Riyadh to go f*** themselves!!?
As I understand it, we don’t get much oil from there, the Europeans and Chinese do.
Sort of par for the course, no pun intended
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Can’t leave BO out of ANY post can we????? <: <: <:
“In spite of Obama, and the Democrats.”
You have that right. Here in California the greens have been trying to shut down fracking but the state is so hard up for money they are letting the fracking go on.
Then why is gas still at $3.29 gal and I paid $1.89 gal before Obama was elected?
So then why do we still have gas prices at over $4 per gallon?
It’s only $3.09 here. But to answer your question: Because our leaders want it that way.
Disclaimer: I work for Big Oil.
Let’’s send those goddamned goat-lovers a farewell 5-52 salute as a way of thanks for 911.
Doen’t mean I thing when I’m still paying 3+ at the pump. Our country is lost folks, nothing but crooks running it now.
Exactly. They said drilling was no solution. LIARS! (As always. On every subject. Liberals Lie.)
A B-52 `arc light’ on Mecca would obliterate the Kaaba, Grand Mosque, & everything else the muzzies make their `Haj’ for.
No Kaaba, no Islam, & no Allah.
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