Finally some good news for United States economy
General Manager/Editor Ron Schott
In recent weeks, Americans have suffered listening to all of the negative news in regards to the Affordable Care Act and the debt ceiling.
While many citizens wonder if our nation will ever recover from its current debt situation, they received a breath of fresh air last week when government officials released new data on oil production.
According to multiple media reports, the U.S. in October extracted more oil from domestic soil than it imported from abroad.
Domestic oil production is now at a 24-year high while foreign oil imports are at a 17-year low. This means production has exceeded net imports for the first time since early 1995.
Production is reportedly booming due to the practice of breaking apart shale rock, something domestic advocates have been pushing for years.
Unfortunately, the U.S. still imports 35% of the petroleum it uses.
Of course, with the success comes politicians wanting to take credit for it.
The White House said the growth was due to President Barack Obama’s vision for a near-doubling of fuel-efficiency standards for new cars and light trucks by 2025. This effort is also to lower energy use and carbon pollution.
Meanwhile, the oil industry says the president is not the one deserving credit.
American Petroleum Institute’s Kyle Isakower is on the record to saying the production was thanks to “development on state and private lands.” He also noted that areas controlled by the federal government has had a decrease in production under the president’s watch.
That report was backed up by a non-partisan Congressional Research Service report in March showing oil production falling 6% and natural gas production falling 21% on federal lands from 2009-2012.
This effort has resulted in lower gas prices at the pump.
This is something we all should be grateful for during the holiday season.
Hopefully, this type of production continues. Our country needs to utilize our own resources. We’re in enough debt as it is.