A Domestic Energy Revolution Is Underway In the United States
January 6, 2014
Across America (and on its coastal borders), a domestic energy revolution is underway -- one that is providing our nation with a genuine economic "stimulus" built on the free market pillars of innovation and hard work, says Nathan Mehrens, president of Americans for Limited Government.
- In Pennsylvania the Marcellus Shale formation produced 1.4 trillion cubic feet of natural gas during the first two quarters of 2013 alone -- enabling the Keystone State to become the third-biggest gas-producing state in America.
- West Virginia -- another state accessing the Marcellus Shale -- has rocketed into the top 10 in gas production (even though the Mountaineers have drilled only 5 percent of all available Marcellus wells).
These gains -- powered by innovative hydraulic fracturing (or "fracking") techniques -- are driving down energy prices nationwide and creating desperately needed jobs at a time when America's work force participation has shrunk to a 35-year low.
- According to a report by the U.S. Energy Department, domestic oil production is climbing to levels not seen since 1970.
- And it's projected to increase by an average of 800,000 barrels per day through 2016.
- Natural gas production is also expected to expand dramatically -- climbing by 56 percent between 2012 and 2040 to an estimated 37.6 trillion cubic feet.
- All told, America will rely on imports for just 25 percent of its oil supplies in 2016 -- down from last year's 37 percent level.
- Meanwhile the world oil benchmark is projected to drop to $92 per barrel in 2017 -- $20 less than last year's average.
Source: Nathan Mehrens, "Good News for 2014 -- A Domestic Energy Revolution Is Underway In the USA," FOX News, January 2, 2014.
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