12:33PM
Charts of the day: the US "oil recovery"
Wednesday, October 3, 2012 at 12:33PM Alas, our inevitable "Mad Max" future a bit . . . modified.
From a WSJ interview with Daniel Yergin.
Production up (25% since 2008), drilling way up (didn't Obama and the Dems sabotage all that?), and imports falling. US demand relatively flat - like Europe's, so the rising production means a substantial drop in import share. Was 60% in 2005, now 42%, and expected to be roughly a third by 2035 (though I think it happens MUCH earlier).
Of course, now we'll never have to fight a war overseas . . .
tagged US, economy, energy, extractive industries | in Chart of the day | Email Article | Permalink | Print Article
US, economy, energy, extractive industries | in Chart of the day | Email Article | Permalink | Print Article 
Reader Comments (3)
Dr. Barnett,
I appreciate the blog, as usual...one comment/question:
"Didn't Obama/Dems sabatogue all that?"
My question is--has the increase in oil production come from private lands or public lands? They get no credit for increases on private lands, and negative points for lack of development on public lands, yes?
I don't think Dr Barnett's idea is that they get credit for the drilling spike, but rather that the rhetoric that they have been a huge detriment to drilling is largely false.
Simon is correct. I was being sarcastic and I don't do emoticons.