I INSIST: this has humongous geostrategical implications, particularly if you put it in context with Middle East turmoil:
U.S. oil production jumped last week to the highest level since May 1989, cutting consumption of foreign fuel and putting the U.S. closer to energy independence.
Drilling techniques including hydraulic fracturing, or fracking, pushed crude output up by 124,000 barrels, or 1.6 percent, to 7.745 million barrels a day in the seven days ended Sept. 6, the Energy Information Administration said today.
Rising crude supplies from fields including North Dakota’s Bakken shale and the Eagle Ford in Texas have helped the U.S. become the world’s largest exporter of refined fuels including gasoline and diesel. Texas pumped 2.575 million barrels a day in June, according to the EIA, enough to rank it ahead of seven members of the Organization of Petroleum Exporting Countries.
“It’s amazing,” said Andy Lipow, president of Lipow Oil Associates LLC, a Houston-based consulting firm, who predicted last month that the U.S. would be pumping 7.75 million barrels a day by the end of the year. “The state of Texas is now producing more oil than the country of Iran.”
Meanwhile in Europe we'll soon regret the resistance too fracking.