US Oil Independence Isn’t Just a Dream
From Market Watch
By Myra P. Saefong
Somewhere in the barrage of oil market-moving news and monthly reports released this week we almost missed it: oil independence for the U.S. isn’t just a dream.
The biggest clue might have come from the Energy Information Administration’s Short-Term Energy Outlook report, which said that U.S. crude-oil production in August hit the highest monthly level in 24 years.
That’s a major step toward the energy independence the U.S. has been aiming for and may point to a future surplus of oil in the global market.
The EIA also said domestic oil production is on track to score the biggest annual growth in the history of the U.S. oil industry — poised for a climb of 15.1% to 7.47 million barrels a day this year.
By posting your comment, you agree to abide by our Posting rules