I saw this in an article today about gas prices. I was startled by the last few words, something I did not know. The EIA also slightly lowered its prediction for growth in U.S. oil production because lower prices will force some drillers to cut back. Production is expected to reach 9.4 million barrels a day in 2015, down from a previous estimate of 9.5 million barrels per day. Still, that would be an increase of 4 percent over this year and the highest domestic crude production since 1972. I checked to see if that last sentence was true, and it is! In 1972 (some sources say 1970), the US produced about 9.5 million barrels a day and had zero dependence on foreign oil. After about 1972 production went down to 5 mbbl in about 2005 (why?) and now 42 years later, we are just now back to 9.5 million barrels a day. So why all this moaning for decades about we have to reduce our dependence on foreign oil? Looks as though that dependence never really existed. Comments?
Posted on: Sat, 15 Nov 2014 01:23:14 +0000
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