Contrary to Predictions, U.S. Nears Energy Independence
Prediction: "The U.S. will account for 75% of the growth in global oil production through 2025."
Prognosticators have long warned that the world is on the verge of oil depletion — i.e., we’ve reached “peak oil” — while at the same time Democrats have torpedoed the idea of U.S. energy independence. Fortunately, oil forecasts have been just as unimpressively inaccurate as climate change predictions. Energy innovation has stimulated this effect while also bringing America to the brink of genuine energy independence.
According to Investor’s Business Daily, “The International Energy Agency forecasts that the U.S. will account for 75% of the growth in global oil production through 2025.” This growth is coming on the heels of already impressive gains. “Crude oil production in the U.S. has climbed more than 67% in just the past six years,” Investor’s reports, adding that “the Department of Energy expects it will climb an additional 11% next year.” Keep in mind that U.S. oil production is already second to none. Our current daily yield of 11 million barrels is higher than both Saudi Arabia and Russia.
The chief catalyst? Fracking. Yet as Investor’s notes, “It was never supposed to happen.” Recall back in 2008 when Obama asserted, “If we opened up and drilled on every single square inch of our land and our shores, we would still find only 3% of the world’s oil reserves — 3% for a country that uses 25% of the world’s oil.” This claim — which was regurgitated in slightly different forms all through Obama’s tenure — was obviously fabricated. Investor’s says that true U.S. oil reserves are sixtyfold higher than Obama’s estimate.
“Not all of that was recoverable at current prices,” Investor’s acknowledges. “But ‘recoverable’ is a highly flexible term. It’s based on oil prices and the cost of getting it out of the ground. The fracking revolution dramatically redefined the term recoverable because it made vast oil supplies accessible that once were once economically off-limits. So why would Obama mislead the country throughout his presidency? Because he was determined to force the country to dump billions of taxpayer subsidies on ‘renewable’ energy, and needed a reason to justify it.”
The issue here is not that renewable energy as a primary resource isn’t an admirable goal; it’s that Obama’s idea of how to properly nurture it was terribly misplaced. And his lying about the facts as a means to an end only added insult to injury. The solar company Solyndra alone squandered half a billion taxpayer dollars. Not only has oil always been far more abundant than naysayers claim, but taxpayers shouldn’t be forced to prop up whatever industry a president decides should be cultivated using powerful government levers.
Similar to how oil extraction evolved into fracking, the private sector will eventually find its game-changing renewable energy breakthrough. In the meantime, more oil production means more government revenue. Shouldn’t Democrats, who want to roll out a plethora of very expensive, government-paid-for initiatives, be for that?