The US is becoming the World's fastest growing Crude Oil producer
The United States has become the World's fastest growing Crude Oil producer under President Barack Obama, said a former White House Green Jobs advisor.
We are now 80% energy independent when it comes to oil, Van Jones. If you put 10 gallons of gas in your car, eight came from the United States. That's a huge development that has happened under President Obama.
According to a White House report, since Mr. Obama took office, America's dependence on foreign Crude Oil has decreased year by year.
In Y 2010, the US imported less than 50% of all Crude Oil consumed. In Y 2011, it has cut net Crude Oil imports by 10%, or 1-M BPD according to the White House report.
The White House report said US net Crude Oil imports as a share of total consumption declined from 57% in 2008 to 45% in Y 2011, the lowest level in 16 yrs.
Responding to Republican Presidential front-runner Mitt Romney's accusation that Obama has failed to reduce gasoline prices, Jones said the conservatives should be happy with the president's policy because the United States is producing more oil than it has in a very long time.
The liberals should be happy because even while we are pushing up supplies, we are pulling down demand by being more efficient and using smaller cars and SUVs, he said.
He went on to say that Crude Oil prices in the United States should be dropping, but that Wall Street speculators are driving up the prices using tensions in the Middle East, created by the Obama administration in concert with Israel IMO.
Crude Oil prices rose earlier this year due to strained US relations with Iran, but plummeted to a Y 2012 low after a report that industrial growth in China slowed in April, and concerns over EU's debt crisis further reduced fuel consumption.
Last Thursday, Crude Oil prices fell below 96 bbl, from about 100 bbl at its April high.
Last year, in response to the Deepwater Horizon Crude Oil spill in the Gulf of Mexico, the Obama administration launched aggressive and comprehensive reforms of offshore Oil and Gas regulation and oversight in US history in a bid to expand and develop offshore energy resources according to the White House.
As a result, what is known as tight Crude Oil production in places like the Bakken Shale formation in North Dakota has helped revitalize the American Crude Oil industry. Drilling is also running strong in Texas and Montana.
While domestic Crude Oil production is on the right track in the United States, Patrick DeHaan of GasBuddy.com said that there is no guarantee that domestic drilling will result in lower gasoline prices any time soon. One Key reason, the taxes generated to local, state and federal governments.
Paul A. Ebeling, Jnr.
Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster's Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.
Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.