America’s Amazing Shale Revolution in one chart | AEIdeas.
Thanks to the revolutionary drilling technologies of hydraulic fracturing and horizontal drilling, America’s petropreneurs have unlocked oceans of shale oil in Texas and North Dakota, which is reflected in the four-fold increase in the combined oil output of the Bakken, Eagle Ford Shale and Permian Basin oil fields between 2007 and 2014. That three million barrel per day increase in oil from just three US oil fields has to be one of the most remarkable energy success stories in American history. It’s a newfound shale bonanza that has brought unprecedented energy-based prosperity to America, in the form of millions of shovel-ready jobs throughout the economy, a huge boost in state tax revenues, millions of dollars in royalty payments to landowners and farmers, lower energy prices, and greater energy independence. “Saudi America’s” Amazing Shale Revolution, captured graphically above, has brought us from an era of “energy scarcity” and increasing reliance on foreign sources of oil, to a new era of energy abundance and increasing energy self-sufficiency.
Absolutely no thanks to the Obama administration.
