Land Rigs: A quiet revolution: oil security is within our grasp by Bill Glahn

Monday, December 10, 2012

A quiet revolution: oil security is within our grasp by Bill Glahn

Posted on Tuesday, September 27, 2011 by Kim Crockett

Just when it seems that the news is bad, peek a beam of a light through the clouds. Our dependence on foreign oil, a bugaboo for Presidents dating back to Nixon, has finally started to recede. And the biggest reason next door inNorth Dakota can be found.

As with the natural gas revolution of recent years, the latest oil boom powered by new drilling techniques, particularly the use of hydraulic fracturing, or "fracking."

The u.s. Department of energy energy information Administration (EIA) reports that imports of the share of imported oil fell below 50 percent in 2010, the first time represented less than half of the total since 1999. (Canada is our number one foreign supplier, withSaudi Arabia andMexico alternately in second and third place.)

Our dependence on foreign oil peaked above 60% in 2005. The fall in imports can be attributed to a decline in consumption, in connection with the economic recession and an increase in production, with North Dakotabeing the fastest growing State. The EIA reports that North Dakota fourth, behind only Texas, Alaska and California oil production ranks. Production levels in North Dakota are double their 2008 levels. The Wall Street Journal reports that, if current trends hold, (North Dakota) to the number two spot, afterTexas, will move by the end of the Decade.

It may surprise some to learn that the world's third largest oil producer U.S.is, after Saudi Arabiaand Russia. It will amaze even more to hear that there are published reports that investment bank Goldman Sachs believes that the US has the potential to be the number one oil-producing country in the world as soon as 2017.

This story of National Public Radio, describes the oil boom in North Dakota and gives a feel for the employment and economic development produced by domestic oil production. The American Petroleum Institute, an industry group, estimates that we by a shift of federal policy on oil drilling an extra 1 million jobs could lead inAmerica.

LikeCanada other advanced countries (World No. 6), Norway (World No. 13), and theU. K.(World No. 19) don't seem squeamish about developing their natural resources. Nor should we.

Category: Bill Glahn, climate change, energy, Environment, comments tags: Bakken oil field, Bill Glahn, climate change, energy, energy policy, environment, fracking, North Dakota, independence of oil, oil Security Email friendBlog leave a Reply to itStay updated Click here to cancel reply.

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