A big step toward energy independence
Last month … for the first time in nearly two decades … the United States produced more oil than it imported. U-S-A Today reports: “Domestic oil production is at a 24-year high while foreign oil imports are at a 17-year low”. The result: production exceeded net imports for the first time since February 1995, although the nation still imports 35% of the petroleum it uses.
What’s behind this? Hydraulic fracturing … or fracking … is bringing up new oil. At the same time, consumption has been falling as high gasoline prices have reduced driving, and more efficient cars and buildings have also lowered energy use.
Of course, gasoline prices have been dropping the past few weeks, and that will have an impact on demand for oil. That’s one of several factors that could have an impact on domestic energy production. Demand for natural gas and heating oil will have an impact during the colder months ahead.
It may not last long, so let’s enjoy this oil trade imbalance in Uncle Sam’s favor while we can.
Our thought for today is from Charles Dickens:
“Reflect on your present blessings, of which every man has many; not on your past misfortunes, of which all men have some.”