Shale Boom Drives Net Petroleum Imports to 28-Year Low
Tapping into domestic energy resources with hydraulic fracturing continues to improve America’s energy security by pushing net petroleum imports to their lowest level in 28 years. John Kingston at Platts reports on new Energy Information Administration data:
US petroleum import dependence in June dropped to 4.659 million b/d. That’s only the second time in the post-shale era that number had been less than 5 million b/d. And the last time the US recorded a number that low was back in 1986.
[T]he US certainly would view Canada or Mexico as a supplier less prone to disruption than many other countries. So once you take away US net import dependence with Canada, that number slips to 2.282 million b/d. Take away Mexico and you’re down to 1.962 million b/d. Those numbers are easily the lowest ever recorded by the EIA. So in essence, that 1.962 million b/d of net import dependence is the figure for the rest of the world outside North America. In 2005, that US net import dependence figure after Canada and Mexico were taken out regularly recorded numbers in excess of 9 million b/d.
Texas and North Dakota continue to see success in their shale oil development. Texas produced over 3 million barrels of oil per day again in June. “Oil production in the Lone Star State has more than doubled in less than three years,” notes Mark Perry at the American Enterprise Institute. Also, North Dakota set another record in June by producing 1.093 million barrels per day.
Unfortunately the good news didn’t extend to offshore production, Kingston writes:
Federal offshore production of 1.43 million b/d remains below the levels in place when the Macondo moratorium was put in place in April 2010. It was 1.531 million b/d in May of that year.
There’s much more to be done to improve energy security. The administration should speed up the permitting process (about 7.5 months) to increase development on federal lands, open up more of the outer continental shelf to oil and natural gas exploration, and approve the Keystone XL pipeline to transport more Canadian oil sands crude and Bakken oil to Gulf Coast refineries.
By developing America’s energy resources, we can continue this success.
Follow Sean Hackbarth on Twitter at @seanhackbarth and the U.S. Chamber at @uschamber.
EDITORS NOTE: The feature image is of an oil pump jack just outside of Watford City, North Dakota. Photographer: Matthew Staver/Bloomberg.
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