Not all the news about our country is bad news. It might take some digging to find it but now and then there’s a nugget in the stream bed. This 211-page report from the Energy Information Administration is more than encouraging. The report is so long that I wasn’t able to upload it so I’ll have to rely on Mark Perry’s summary of it. It’s quite remarkable what’s been going on in the country while we’ve been focusing on other things:
Last year the US produced 6 1/2 million barrels of oil every day, the highest output since 1995. And it’s accelerating: In January and February of this year, it’s over 7 million.
Several states set production records last year, not just North Dakota. Other states were New Mexico, Colorado, Oklahoma (highest production since 1994), Texas (highest since 1989), Utah (highest since 1988), Wyoming (highest since 1999), and Kansas (highest since 1995).
The country produced 60 percent of the oil it consumed, dropping imports to below 40% in 2012 for the first time since 1991. It was just seven years ago that those numbers were reversed!
Production of natural gas hit a record high last year as well, 5% more than 2011, following increases of 7.4% in 2011 and 3.4% in 2010.
Because of the increase in natural gas, carbon dioxide emissions fell last year to the lowest level since 1994. Writes Perry: “Since the 2007 peak, greenhouse gas emissions in the US have fallen by more than 12% … one of the largest reductions in CO2 recorded over that period by any country in the world.”
America is now more self-sufficient than in any year since 1991, producing in 2012 more than 83% of the total energy we consumed.
Perry, for as long as I’ve been reading his articles, has a PMA (positive mental attitude) but this time he has every reason to exult in the report’s findings:
America is in the early stages of an amazing energy revolution that represents a seismic shift in the energy landscape that has very rarely happened with such great magnitude in such a short period of time.
The new Department of Energy data released today confirms that America is experiencing an amazing, game-changing energy bonanza that is truly revolutionary — natural gas production is at record levels, crude oil output is the highest in 20 years, CO2 emissions have fallen precipitously to 20-year lows, and America is more energy self-sufficient than at any time since 1991, when George H.W. Bush was president.
In terms of America’s energy, we’ve come a long way in a short period of time, and the energy revolution is just getting started. America’s economic future looks much, much brighter because of the shale revolution, which will continue to support and energize the US economy for decades to come.