I read the article earlier today and am pretty sure he made a clear distinction between the two.
Less known is that the technology of hydraulic fracturing - breaking rocks with jets of water - will also bring a quantum leap in shale oil supply, mostly from the Bakken fields in North Dakota, Eagle Ford in Texas, and other reserves across the Mid-West.
"The US was the single largest contributor to global oil supply growth last year, with a net 395,000 barrels per day (b/d)," said Francisco Blanch from Bank of America, comparing the Dakota fields to a new North Sea.
Total US shale output is "set to expand dramatically" as fresh sources come on stream, possibly reaching 5.5m b/d by mid-decade. This is a tenfold rise since 2009.
The US already meets 72pc of its own oil needs, up from around 50pc a decade ago.
This bears no relation to reality. Here are the facts: http://stocks.investopedia.com/stock-analysis/2011/Shale-Oil-Production-Rises-CLR-TRP-LINE-VLO0502.aspx?printable=1
E-P may also be confusing Shale Oil with Oil Shale, specifically the Green River deposit. Some unsupportable claims about Green River have been in the above range.
The EIA estimates that total U.S. crude oil and condensate production will increase to 6.12 million B/D by 2019, up marginally from the 5.51 million B/D produced in 2010, and certainly nowhere near enough to have a significant impact on prices.
...
The Bakken formation has generated the most interest from the industry with both large and small operators rushing to be involved. ... (Continental Resources') management recently predicted that the Bakken will produce 1 million B/D by 2020.
...
BENTEK Energy, an energy industry consultant, released a study on productivity of the Eagle Ford Shale and predicted that the area will produce 421,000 B/D by 2015.
The facts:
U.S. crude oil imports:
2000: 10,419 bbl/day
2010: 9,441 bbl/day
reference:
http://205.254.135.24/dnav/pet/hist/LeafHandler.ashx?n=PET&s=MTTNTUS2&f=A
U.S. crude oil field production:
2000: 5,822 bbl/day
2010: 5,474 bbl/day
reference:
http://205.254.135.24/dnav/pet/hist/LeafHandler.ashx?n=PET&s=MCRFPUS2&f=A
Therefore, crude oil imports as % of crude oil imports plus U.S. crude oil field production:
2000: 64%
2010: 63%
I don't know where E-P got his information, but it is incorrect.
E-P's politics favor free enterprise, so I don't understand this slanted approach, except as an attempt to attract attention.