The Liberals Were Wrong About U.S. Oil Production The United States has this week overtaken Saudi Arabia to become the world’s biggest oil producer. The jump in output from shale has led to the second biggest oil boom in history. The impact is especially apparent in Texas and North Dakota. Employment in North Dakota has been growing steadily over the last decade, with a sharp acceleration over the last four years. Even the Great Recession that crippled the national labor market, barely slowed job creation in North Dakota. The economic success is not only due to oil prosperity, but also because of its pro-business climate. North Dakota hit another oil production record with 911,496 barrels per day in August. The North Dakota Oil Commission now projects production will reach 1.6 million barrels if there are no major negative developments. • In 2012, the liberal Slate claimed North Dakota oil production would not get past 600,000 barrels on an annual basis. • Another Slate article claimed boom predictions were wrong and was entitled The Myth of Saudi America. slate/articles/health_and_science/science/2013/02/u_s_shale_oil_are_we_headed_to_a_new_era_of_oil_abundance.html • Smart Planet predicted US crude oil production would not pass Saudi Arabia until 2020. • In January of this year the Christian Science Monitor predicted oil production would slow in North Dakota. • The Motley Fool also predicted a horizontal well production decline.
Posted on: Fri, 18 Oct 2013 05:16:30 +0000
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