Skip to comments.Good news for 2014 -- a domestic energy revolution is underway in the USA
Posted on 01/03/2014 5:19:57 AM PST by thackney
While it may not qualify as a silver lining, there was one bright spot to emerge from Washington D.C.s latest adventure in bad budgeting: A provision further enhancing our country's expanding energy independence.
...the provision gives formal Congressional approval to oil and gas drilling across 1.5 million acres of the western Gulf of Mexico.
According to the Bureau of Ocean Energy Management, this region is home to an estimated 172 million barrels of oil and 304 billion cubic feet of natural gas resources that will further reduce our nations declining dependence on foreign oil.
Across America (and on its coastal borders), a domestic energy revolution is underway -- one that is providing our nation with a genuine economic stimulus built on the free market pillars of innovation and hard work.
Even more encouraging, this victory is being achieved despite efforts by eco-radicals in Washington, D.C. to shut down energy production on federal lands.
In Pennsylvania the Marcellus Shale formation has produced 1.4 trillion cubic feet of natural gas during the first two quarters of 2013 alone -- enabling the Keystone State to become the third-biggest gas-producing state in America. West Virginia -- another state accessing the Marcellus Shale -- has rocketed into the top ten in gas production (even though the Mountaineers have drilled only five percent of all available Marcellus wells).
These gains powered by innovative hydraulic fracturing (or fracking) techniques are driving down energy prices nationwide and creating desperately needed jobs at a time when Americas work force participation has shrunk to a 35-year low.
According to a report released this month by the U.S. Energy Department, domestic oil production is climbing to levels not seen since 1970. And it's projected to increase by an average of 800,000 barrels per day through 2016.
(Excerpt) Read more at foxnews.com ...
Until then ..
America may be doing well but AMERICANS are still slowly going under.
Obama took office in 2009. The average price of gasoline for 2008 was $3.32.
The prices would be higher without that additional production. And prices have fallen from previous highs.
No natural gas in your area ?
You WILL come out of it very wealthy and THEN pick them back up
It was a global demand for oil climbing faster than the supply that created the price spike. It crashed with the demand as the supply was still trying to climb.
Some of that was a false economy driven by government interference. But it was a global issue, not just a US event.
As I mull over the phrase "global demand", I wonder ... what happens on a global scale, at one time or period of time, that makes a global markret respond ?
Were there more wars at that time than before?
Or more cars produced?
certainly it was not oil based energy manufacturing
What happened that the world suddenly decided it needed more oil?
that’s an awesome graph. never seen that before. and the growth is all between 2009 & 2010.
Is there a graph that shows the last three years?
"Frank E. Holmes is chief executive and chief investment officer at U.S. Global Investors, which specializes in natural resources and emerging markets investing. U.S. Global, based in San Antonio, Texas, manages 13 U.S. mutual funds and other client accounts."