Despite President Obama's every effort to prevent exploration and development of oil and natural gas on federal lands, the private sector has managed to push forward on private lands to maintain and increase America's supply of liquid fossil fuels. President Obama says out of one side of his mouth that oil/gas exploration is greater than at any time in our history. What he pointedly fails to acknowledge out of the other side of his mouth is that it is being done on private land and not on federal land, which Obama tries to imply.
The U.S. will remain the world’s biggest oil producer this year after overtaking Saudi Arabia and Russia as extraction of energy from shale rock spurs the nation’s economic recovery, Bank of America Corp. said.
U.S. production of crude oil, along with liquids separated from natural gas, surpassed all other countries this year with daily output exceeding 11 million barrels in the first quarter, the bank said in a report today. The country became the world’s largest natural gas producer in 2010. The International Energy Agency said in June that the U.S. was the biggest producer of oil and natural gas liquids.
“The U.S. increase in supply is a very meaningful chunk of oil,” Francisco Blanch, the bank’s head of commodities research, said by phone from New York. “The shale boom is playing a key role in the U.S. recovery. If the U.S. didn’t have this energy supply, prices at the pump would be completely unaffordable.”
Read much more here.
No comments:
Post a Comment