US may soon become world’s top oil producer
U.S. oil output is surging so fast that the United States could soon overtake Saudi Arabia as the world’s biggest producer.
Driven by high prices and new drilling methods, U.S. production of crude and other liquid hydrocarbons is on track to rise 7 percent this year to an average of 10.9 million barrels per day. This will be the fourth straight year of crude increases and the biggest single-year gain since 1951.
The boom has surprised even the experts.
One more time, “The boom has surprised even the experts”. Too bad the Obama administration didn’t have the foresight to outlaw this new energy boom. It would make implementing their energy policy and crippling our nation so much easier.
Free Market, Not Government Policy, Drives Energy Boom
Boulderites, here is the keen insight, Government inspired central planning would have never created the energy boom.
There is a lesson here for public policy generally, including health care. No centralized government expert predicted the vast expansion in energy supply from hydraulic fracking. It was produced by decentralized specialists in firms subject to market competition.
No doubt, if Obama gets another 4 years, he and his administration, and especially the EPA, can throw enough rules and regulations in front of the oil and gas industry to short circuit the energy boom.
