Oil Boom Continues
U.S. oil production has enjoyed a 60% increase over the last six years, mainly due to fracking, which allows the extraction of shale oil from the massive Bakken Formation in North Dakota and the Eagle Ford Formation in south Texas. The domestic oil boom is so great, in fact, that the U.S. has surpassed both Russia and Saudi Arabia in production. Dan Steffens, president of the Energy Prospectus Group of Houston, says the domestic oil boom is saving drivers a ton at the pump. “With what’s going on the Middle East, I think [gas] would five or six bucks [a gallon],” Steffens said. “If it wasn’t for the shale revolution, you’d be in big trouble.” Indeed, it’s much needed good news. More…
Patriot Post – Digest For Friday
My Opinion: Seems to me that gas produced locally should be way cheaper than gas made from oil shipped in from another country. With what we can get from our oil fields, and the pipeline from Canada, we should be able to tell the Middle East to take their oil and shove it. Then proceed to put them out of business by selling to the rest of the world for lower cost. And why we pay the oil companies subsidies and they still make Billions in profit is beyond me. We really need an engine that breaks Oxygen into hydrogen for fuel. But then the “Global Alarmists” would bitch about us using all our oxygen and the world suffocating to death by the year 2200. Or the lack of hydrocarbon emissions causing the next Ice Age in 50 years.