Posted on 03/25/2012 1:34:49 PM PDT by CommieCutter
MIDLAND, Tex. — The desolate stretch of West Texas desert known as the Permian Basin is still the lonely domain of scurrying roadrunners by day and howling coyotes by night. But the roar of scores of new oil rigs and the distinctive acrid fumes of drilling equipment are unmistakable signs that crude is gushing again.
And not just here. Across the country, the oil and gas industry is vastly increasing production, reversing two decades of decline. Using new technology and spurred by rising oil prices since the mid-2000s, the industry is extracting millions of barrels more a week, from the deepest waters of the Gulf of Mexico to the prairies of North Dakota.
At the same time, Americans are pumping significantly less gasoline. While that is partly a result of the recession and higher gasoline prices, people are also driving fewer miles and replacing older cars with more fuel-efficient vehicles at a greater clip, federal data show.
Taken together, the increasing production and declining consumption have unexpectedly brought the United States markedly closer to a goal that has tantalized presidents since Richard Nixon: independence from foreign energy sources, a milestone that could reconfigure American foreign policy, the economy and more. In 2011, the country imported just 45 percent of the liquid fuels it used, down from a record high of 60 percent in 2005.
“There is no question that many national security policy makers will believe they have much more flexibility and will think about the world differently if the United States is importing a lot less oil,” said Michael A. Levi, an energy and environmental senior fellow at the Council on Foreign Relations. “For decades, consumption rose, production fell and imports increased, and now every one of those trends is going the other way.”
(Excerpt) Read more at nytimes.com ...
Simple economics suggests that if the nation is producing more energy, prices should be falling. But crude oil — and gasoline and diesel made from it — are global commodities whose prices are affected by factors around the world. Supply disruptions in Africa, the political standoff with Iran and rising demand from a recovering world economy all are contributing to the current spike in global oil prices, offsetting the impact of the increased domestic supply.
It is inching because of Obama and his policies. If Obama and Co. would get the hell out of the way we would have $2.50 gasoline as Newt said.
So if we don’t produce domestically we have worse than just an offset?? How about producing MORE?
1. I will provide hundreds of thousands of real USA jobs and lower the trade deficit.
2. It will allow free market thinkers to accept that higher prices are truly caused by market supply/demand and not part of a leftist plot to rig the system to force economically nonviable green energy projects and solutions.
Ping.
An interesting twist on failed economic policy driving demand for oil down.
Have we lifted the offshore drilling bans? Have we opened up ANWR to drilling? Has the great lakes drilling ban been lifted? Have we cleared a path for Keystone?
It just kills me that they want to LIE and say domestically producing more really has no affect, but currently produced supplies around the world being disrupted has an affect.
I saw this posted somewhere else and wanted to throw up. I love how nobody on the Left seems to want to mention the falling dollar thanks to over spending as being a part of this “Global Problem”.
My apologies for the bonehead post to start. I completely over looked that he stated:
“. Supply disruptions in Africa,”
Imagine more jobs (people that pay taxes).
More money in our pockets means we will buy more goods etc etc
Bwahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahaha . . . . . . !!!!
What a BOATLOAD of BS!!
Even from a miserable fishwrap like the NYT, this is the epitome of absurdity and propaganda!!!
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