Energy Independence: The Dream
is Becoming a Reality.
For many years, the argument has
raged on regarding how the United States should go about obtaining and paying
for its oil reserves. This debate has been the subject of many heated
discussions - and it may be for many years to come. However, the concept of
U.S. energy independence is becoming a reality much sooner than many people
realize, halting the argument in its tracks.
Back in early 2007, many Americans
believed that the future of the United States energy industry appeared to be
bleak. Since then, however, a major transformation has taken place -
primarily in the country's three largest oil fields - in terms of key oil
production figures.
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The Bakken, the Eagle Ford, and the
Permian Basin, have all increased their oil production from 1 million barrels
per day to an estimated 4.6 million barrels per day (as of year-end 2014). In
fact, the oil production in Texas alone was more than 3.1 million barrels per
day, the most in more than 33 years, according to the Energy Information
Administration.
Given this steep increase in U.S.
oil production of late, a longer-term trend towards energy independence could
actually become a reality, lessening our future dependency on foreign oil
producers.
There are still some questions with
regard to long-term sustainability of U.S. oil production going into the
future. However, it could be a positive opportunity and dream come true not
just for U. S. oil producers, but also for consumers and investors alike.
Source: U.S. Energy Information
Administration. Data represent thousands of barrels per day (bpd) for the month
of July 2014.
"As long as the United States -
and the world - gets its oil from the Middle East, we will be drawn into the
endless crises that seem endemic to the region. American energy independence
would not only liberate us, it would also drive down the worldwide price of
oil." - Kathleen Trola McFarland
