In the hubbub around the president's decision not to approve the proposed Keystone XL pipeline between Canada and the United States, Americans missed the big picture. While conservatives have been fighting to build a pipeline to import more foreign oil and deepen U.S. dependence, the U.S. is poised to transform its energy portfolio by developing domestic resources—renewable and mineral—that will let it become a net exporter of clean energy and energy technology in this decade.Yes, all of this happened under President Obama's leadership. Never mind the footdragging over Gulf drilling, the incursion of the EPA into fracking regulation, and closing off federal lands to exploration. It is all happening because the President decided to protect us from Canadian oil.
Under President Obama's leadership, we appear to be at the beginning of a domestic gas and oil boom. After a four-decade decline in oil production, the U.S. is now producing more than half of our oil domestically. This can free us from our addiction to foreign-sourced barrels, particularly if we utilize our dramatically larger and cheaper natural gas reserves. Natural gas now costs the equivalent of less than $15 per barrel, versus the $100-plus barrels we import from the Middle East.
Tuesday, January 24, 2012
The Obama administration blames everyone but itself for the dismal performance of our economy, but now it's trying to take credit for something that it has put much effort into killing: the boom in domestic oil and natural gas production. Via its mouthpiece at the Center for American Progress, we get this in today's WSJ: