Remember when Obama said we couldn’t drill our way out of energy problems? Texas said, “hold my beer”…
What? You mean that all the stories about Peak Oil were exaggerations? How shocking.
August saw the largest annual increase in U.S. oil production in 98 years, according to government data.
I don’t think hastening the burst of the fracking bubble is OPEC’s worst nightmare lol
I suspect the falling stock market is in large part due to the glut of oil on the market. Oil commodity traders are selling stocks to raise cash for oil investment losses most likely. Hopefully oil prices will stabilize soon and with that we will see an improved stock market.
The US imports about 10M barrels/day.
The projections in the link amount to less than 3Mbpd.
Obama was correct: “We can’t just drill our way out of the problem”
Please note the “just” in the quote.
He noted that it’s important to “encourage safe and responsible oil production here at home,” but called for a wide-ranging energy policy strategy focused on reducing the country’s oil imports by one-third by 2025, ramping up vehicle fuel economy standards and relying on low-emission electricity sources.
I’m not sure a snapshot tells us much, given that there are production and transportation bottlenecks in the U.S. which prevent export of a lot of oil that might otherwise be exported. And exporting American oil has been prohibited until fairly recently. Takes awhile to develop markets. Regardless, the trend in net imports has simply fallen off the table if one gives the chart in the article any credence.
Seems like last time we went through this, the smaller oil companies either went out of business or consolidated. Then oil prices rose increasing production and the cycle repeated.
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