America’s oil boom continues, on state and private lands.
On Federal Lands, not so much…
by Walter Russel Meade
The American Interest
The still-young but fast-growing US energy boom is closing in on a big milestone. Thanks to shale, domestic oil production is about to overtake oil imports. CNBC reports:
Andrew Lipow of Lipow Oil Associates expects the government data to show that U.S. production actually surpassed imports in March, when it releases its final March data at the end of the month. [...]
The Energy Information Administration said Wednesday in its Short-Term Outlook that U.S. oil production averaged 7.1 million barrels per day in the first quarter, and that should rise to 8.5 million barrels per day by the fourth quarter of 2014.
It expects average production of 7.4 million barrels per day in 2013, up from 6.5 million barrels per day in 2012. EIA also said it expects liquid fuel net imports, including crude and petroleum products to keep falling, from 7.4 million barrels per day in 2012 to 5.7 million barrels per day by 2014.
This is excellent news for the US. Greater domestic production is a boon to the economy, and fewer imports gives us more flexibility when dealing with the world’s petrostates.
Just remember, the watermelons said it couldn’t be done, and have been proved wrong, yet again.