Capitalism and the Making of the Market
July 9, 2014 12 Comments
Isn’t it amazing that the US is now the largest producer (again) of oil and gas in the world. Particularly in the face of a drilling ban on federal lands (a large percentage of the west) the unalterable ill wishes of the government and its EPA, and vocal opposition from the so-called progressives. Who should be really called regressives because they want to live in the pre-industrial world, where a percentage of the lower classes starved even in the good years.
Yay! For the free-market (or what’s left of it) It may save us yet.
U.S. is now world’s biggest oil producer – Herald and News: Nation/World News
LONDON — 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 Friday. 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.
”Oil extraction is soaring at shale formations in Texas and North Dakota as companies split rocks using high-pressure liquid, a process known as hydraulic fracturing, or fracking. […]