Skip to comments.NY Times credits Bush, Cheney with US energy surge
Posted on 03/24/2012 1:49:57 PM PDT by Hojczyk
Did some editor at the Gray Lady suddenly suffer from a stroke and go rogue on us? In any event, as Walter Russell Mead discovers, the Paper of Record unleashed some good news on the energy front this week.
Not only has the United States reduced oil imports from members of the Organization of the Petroleum Exporting Countries by more than 20 percent in the last three years, it has become a net exporter of refined petroleum products like gasoline for the first time since the Truman presidency. The natural gasindustry, which less than a decade ago feared running out of domestic gas, is suddenly dealing with a glut so vast that import facilities are applying for licenses to export gas to Europe and Asia.
National oil production, which declined steadily to 4.95 million barrels a day in 2008 from 9.6 million in 1970, has risen over the last four years to nearly 5.7 million barrels a day. The Energy Department projects that daily output could reach nearly seven million barrels by 2020.
Thats not the amazing part. (Well, OK its somewhat amazing because youd hardly expect this particular paper to act happy about any oil exploration. But its not the most amazing part.) The real, spill your martini in shock and awesome bit comes in the next graph.
The Bush administration worked from the start on finding ways to unlock the nations energy reserves and reverse decades of declining output, with Mr. Cheney leading a White House energy task force that met in secret with top oil executives. [...]
The Bush administration also opened large swaths of the Gulf of Mexico and the waters off Alaska to exploration, granting lease deals that required companies to pay only a tiny share of their profits to the government.
(Excerpt) Read more at hotair.com ...
Mr. Russell may find hisself on the unemployment line come Monday morning
Did Hell freeze over?
Honest and fair reporting is the exception - here’s the rule:
(still - it is nice - the poor guy will probably lose his job tomorrow... ) Thanks for the post, Hojczyk - don’t get your hopes up.
It makes me VERY uncomfortable when the NYTimes agrees with Republicans on ANYTHING.
This makes me think that the oceans are about to rise or something.
What new areas opened under the Bush Administration are producing oil today?
I believe the answer is none. But I'll read anything that someone can post showing what new area is now producing oil.
supply is up but demand is down or flat, price should fall in such situation, but its not because of the money printing from obama’s deficit