19 Dec '12, 2pm
Drumbeat: December 19, 2012
Posted by Leanan on December 19, 2012 - 10:23am American Oil Growing Most Since First Well Signals Independence The U.S. expanded its oil production this year by the most since the first commercial well was drilled in 1859, upending a belief that Americans were increasingly hooked on foreign crude. Domestic output grew by a record 766,000 barrels a day to the highest level in 15 years, government data show, putting the nation on pace to surpass Saudi Arabia as the world’s largest producer by 2020. Net petroleum imports have fallen by more than 38 percent since the 2005 peak and now account for 41 percent of demand, down from 60 percent seven years ago, moving the U.S. closer to energy independence than it has been in decades. Seven years after President George W. Bush declared “America is addicted to oil, much of which is imported from unstable parts of the world,” the cou...