Probably not – it’s not the sort of news Wile E. Obama and the ACME Economic Destruction Co. want you to hear. Even though Obama selectively claims credit (like in his State of the Union address) for growth in the oil and gas business, it has really grown only on private lands, in spite of the roadblocks the administration and the EPA throw up.
The perfect example is North Dakota: it issues permits to drill in 10 days. The federal government’s average is 300+ days. North Dakota’s production is up 800% in just a few years; production on federal land has declined.
A scarcely reported milestone conveys the magnitude of this turnaround in the global energy landscape.
The U.S. passed Saudi Arabia as the world’s largest petroleum producer in November 2012, according to recently released data of the federal Energy Information Administration.
Over the last five years, domestic oil output has risen 40% and continually outpaces projections. Last year, domestic output increased by 800,000 barrels per day. This is the largest increase in annual production since the first oil well was drilled in 1859 in Pennsylvania.
The U.S. is primed to become the world’s dominating energy powerhouse for decades to come unless President Obama elects to quash this private sector stimulus of enormous proportion.
The Administration’s policies have hardly welcomed the oil boom although the president selectively claims credit.
Recall that then-candidate Barack Obama, during the 2008 campaign, pledged “to end the tyranny of oil in our generation as our parents ended the tyranny of Hitler.” His administration, indeed, has done plenty to stymie upstream oil production although, to date, without the lethal regulatory weapons used on coal.
The uncertain fate of the Keystone XL pipeline, the first heavy-handed EPA regulation for hydraulic fracturing, endangered species in oil producing regions, and indefinitely delayed permits offshore and onshore on federal lands, are a few of the obstacles. They all pale in comparison, however, to the EPA’s arrogation of the authority to regulate carbon dioxide.
Ask the coal industry how that goes. Whether EPA initiates the action or not, a federal court with the Sierra Club’s bidding could force EPA to impose the same infeasible carbon limits on refineries as EPA’s has imposed on coal.
The dynamic entrepreneur that is the American wildcatter has, nonetheless, brought a colossal energy opportunity to this country.
That domestic production would now surpass that of Saudi Arabia was unthinkable in 2005 when the U.S. imported 60% of crude oil and the gloomy Malthusians declared the irreversible decline of this “finite” resource.
Read more good news: U.S. Passes Saudis In Oil Output, No Thanks To White House – Investors.com.