[Pelham]

“The economy is not Obama’s number one issue. Its “fundamentally transforming America”. That means Obamacare which will make the country dependent on the government and amnesty which will give the democrats a lock on the white house and all the federal agencies to which power is migrating.”

You’re preaching to the choir here. It’s possible that Obama actually likes having the economy get worse since it weakens America. AFAIK the fracking is only occurring on private land, it’s not like he is promoting it.

[ckilmer]

An important thing to note in that graph of saudi oil production up thread in the late 1960's-70's... is that it is the reason that US oil production peaked in 1070. The Saudis could produce oil at the time for something like .25 cents a barrel. http://www.aei-ideas.org/2013/01/us-oil-production-grew-more-in-2012-than-in-any-year-in-the-history-of-the-domestic-oil-industry-back-to-1859/

Tuesday, April 29, 2014

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Carpe Diem

US oil production grew more in 2012 than in any year in the history of the domestic oil industry back to the Civil War

Mark J. Perry | January 20, 2013, 12:48 am

From Saturday’s WSJ:

U.S. oil production grew more in 2012 than in any year in the history of the domestic industry, which began in 1859, and is set to surge even more in 2013. Daily crude output averaged 6.4 million barrels a day last year, up a record 779,000 barrels a day from 2011 and hitting a 15-year high, according to the American Petroleum Institute (API), a trade group. It is the biggest annual jump in production since Edwin Drake drilled the first commercial oil well in Titusville, Pa., two years before the Civil War began (see chart above).

The U.S. Energy Information Administration predicts 2013 will be an even bigger year, with average daily production expected to jump by 900,000 barrels a day. The surge comes thanks to a relatively recent combination of technologies—horizontal drilling and hydraulic fracturing, or fracking, which involves pumping water, chemicals and sand at high pressures to break apart underground rock formations.

Together, they have unlocked deposits of oil and gas trapped in formations previously thought to be unreachable.