Think Again: The American Energy Boom -- Michael Levi, Foreign PolicyYes, oil and gas made in the USA is surging. But does that really liberate us from the Middle East?
"The United States Is the Next Saudi Arabia of Energy."
Yes and no. American oil production, once thought to be in terminal decline, is up strongly for the first time in a quarter-century. Natural gas output, largely flat since the mid-1990s, has grown rapidly for the last five years. These trends look poised to continue, and observers are predicting major geopolitical consequences to follow. Ed Morse, an influential Citigroup analyst and former U.S. official, asserts, "North America is becoming the new Middle East." Robin West, another perceptive industry observer, predicts that by 2020, the United States will become the world's largest producer of oil and gas -- "the energy equivalent of the Berlin Wall coming down."
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My Comment: New technologies and the high price of energy is bringing about a new boom in the industry .... a boom that I expect will continue for along time. As to it's impact on geopolitics .... an less dependent U.S. on Middle Eastern energy supplies will result in a more independent foreign policy.
Alex Epstein writes a convincing piece on why we should love the oil companies. The link is here (Hat Tip: Prairie Pundit)
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