America's path to energy independence in 2 charts
The share of oil consumed by Americans that was produced in the US has sharply increased over the last 10 years, as you can see in this chart shared by Mark J. Perry of the American Enterprise Institute.
Back in 2005, less than 70% of oil consumed by Americans was produced by US oil.
But thanks to developments in the hydraulic fracturing technology, that number's now up to a whopping 89%.
That would be the highest level of energy-self efficiency since 1984.
Additionally, net imports have also been tumbling over the years. Back in 2005, the number was above 60%, but today net oil imports are only 25.2% - the lowest level of net petroleum imports since 1971, Perry notes.
Recently, the Energy Information Administration said in its new survey-based output data that the US was pumping out just below 9.3 million barrels per day in June, slightly below May's output. By comparison, Saudi Arabia's pumped about 9.51 million barrels per day in May, down from March's peak of 9.69 million per day.
"The Great American Shale Boom continues to set new production records and reach new milestones on a regular basis and has turned out to be the most dynamic, successful, and powerful single sector of the US economy, thanks to the 'American-made' drilling technologies pioneered and developed by America's 'petropreneurs,'" Perry noted last year.
- 2 states where home prices are falling because there are too many houses and not enough buyers
- US buys 81 Soviet-era combat aircraft from Russia's ally costing on average less than $20,000 each, report says
- A couple accidentally shipped their cat in an Amazon return package. It arrived safely 6 days later, hundreds of miles away.
- 9 health benefits of drinking sugarcane juice in summer
- 10 benefits of incorporating almond oil into your daily diet
- From heart health to detoxification: 10 reasons to eat beetroot
- Why did a NASA spacecraft suddenly start talking gibberish after more than 45 years of operation? What fixed it?
- ICICI Bank shares climb nearly 5% after Q4 earnings; mcap soars by ₹36,555.4 crore