New highs ahead for the US energy revolution

New highs ahead for the US energy revolution

A  decade after then-Sen. Barack Obama lectured that America couldn’t “drill our way out” of high energy prices, drilling has brought oil costs way down and left the United States poised to dominate the world market for the next five years — at least.

The latest forecast from the International Energy Agency expects US production to satisfy 60 percent of the global growth in demand for oil through 2023 — and to surpass Russia’s production by then.

The “new wave of growth from the US,” the IEA said this week, should reach 12.1 million barrels of crude a day, up from 10.6 million a day this year — which is already setting records for US production.

Of course, America’s natural-gas production is also booming. The latest projections from BP’s analysts are that the United States “becomes energy self-sufficient in the early 2020s and maintains its position as the world’s largest producer of liquid fuels and natural gas” — with gas becoming the leading domestic fuel by 2040, accounting for 40 percent of US energy consumption, up from 32 percent now.

It’s all because of fracking, which has revolutionized production to create new jobs and fresh wealth across America.

Except in New York, where Gov. Cuomo has banned fracking to curry favor with environmental extremists who’d much rather keep all fossil fuels in the ground, no matter what price everyone else has to pay.

Leave a Reply

Be the First to Comment!

Notify of