In what feels like the first bit of good news for President Obama in months, US oil production surpassed imports last month for the first time since 1995. It was the highest October production in a quarter century, a reflection of the remarkable transformative power of fracking. Reuters reports:
It is the latest milestone reached by the world’s largest oil consumer after the shale oil revolution reversed declining output and gave fresh momentum to the oil industry in states such as North Dakota and Texas.“I think this is huge and it’s another step in this revolution that we’re seeing in the energy market,” said Phil Flynn, an energy analyst at the Price Futures Group in Chicago.“We’re seeing our reliance on imports of crude fall every day.”…The EIA forecasts show production outstripping net imports for every month until the end of 2014.
Countries like China and Ukraine are trying to play catch-up to the US on shale, but for a variety of reasons are having trouble replicating the unique set of circumstances that set off this revolution. The shale boom is an American success story, and for now, it looks to stay that way.[North America image courtesy of Shutterstock]