25 Jun '12, 1pm
Drumbeat: June 25, 2012
From the deepest waters of the Gulf of Mexico to the prairies of North Dakota, and many places in between, the production of oil and gas in the United States has greatly increased over recent years through the industry’s ability to access heretofore inaccessible and unaffordable "unconventional oil." Using new technology and financed by the rising prices of oil since the mid-2000s, national oil production has risen over the past four years from 4.95 million barrels a day (mb/d) to 5.7. The Energy Department projects 7 mb/d by 2020, while other experts claim production could eventually be 10 million, which would put the United States in the league with Saudi Arabia. With this increased production, a growing number of people (especially from the oil industry, Wall Street, and the Republican Party) have loudly proclaimed the end of peak oil, dismissing it as a myth that has n...