Good News on energy independence, but it comes at an expense. Nonetheless, we find a half-full glass for certain.
As long as I can remember, the United States has been so dependent on foreign sources of fossil fuel products. While no one in any past Administration would ever say the words, but our national interest is rooted in protecting active or potential sources of bulk oil.
What were the euphemisms, “our interest”.
Effect on consumers unclear as US oil, gas production rise
By Jay Fitzgerald|
DECEMBER 16, 2012
Excerpt
…….increased domestic oil production, expected to rise by nearly 30 percent to 7.5 million barrels per day by 2019, could lead to more stable prices and fewer supply disruptions for American consumers and businesses, economists said.
Above all, increased US oil production will almost inevitably lead to a reduction in the more than $400 billion the country now spends each year to import foreign oil, cutting the nation’s annual trade deficit, which stood at more than $500 billion last year, and keeping more money flowing through the domestic economy, analysts said.
“This is one of the five best story lines of the 21st century for America,” US Representative Edward Markey of Malden, the ranking Democrat on the House Natural Resources Committee and a senior member of the House Energy and Commerce Committee, said of America’s newfound energy prowess.
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Oil Production and Production Capacity by Country (oil exporters)
Country-by-country projected evolution of (gross) oil production capacity to 2020 (first 23 countries)
The Daily Mail. UK
Oil Production
The Fracking Story
HOW FRACKING HAS FUELLED AMERICA’S INSATIABLE APPETITE FOR OIL AND GAS
With its voracious appetite for energy and a desire to be less reliant on imports, the U.S. became the first country to exploit the potential of fracking.The process – shorthand for hydraulic fracturing – involves creating little explosions underground, then injecting water and chemicals to release gas and oil trapped in cavities in shale rocks.In 1996, the U.S. produced just 0.3trillion cubic feet of shale gas. By 2011, however, that figure had leapt to 7.8trillion, allowing America to transform itself from an importer to a net exporter of gas.But the abundant supplies of gas have outpaced development of infrastructure around oil plants.And with gas prices having dropped from their 2008 peak of more than $13 per million British thermal units to just $3.40 it is now uneconomic to build pipelines and storage tanks.As a result, much of the gas is burned off instead.Shale gas reserves are plentiful and widespread across much of the world, but until developments in fracking it has been largely inaccessible.In China, explorable shale reserves are estimated at 86 trillion cubic feet, enough to supply the nation’s needs for two centuries.
Read more: http://www.dailymail.co.uk/news/article-2269517/The-picture-space-shows-U-S-oil-field-burning-gas-power-Chicago-AND-Washington-cheaper-selling-it.html#ixzz2KMom1KUY
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