It Just Works

Thursday 23 August 2012 - Filed under Uncategorized

Fuel Fix on our rapidly changing changes in energy usage, all free from government central planning:

A boom in oil production from the shale formations of North Dakota and Texas has the U.S. on a course to cut its reliance on imported crude oil to about 42 percent this year, the lowest level in two decades.

Dependence on crude purchased from foreign countries is on a pace to decline from last year, Adam Sieminski, the head of the U.S. Energy Information Administration, said during a Bloomberg Government lunch yesterday in Washington.

Higher oil prices and an increased use of a drilling technique known as hydraulic fracturing has producers including Continental Resources Inc. (CLR), Marathon Oil Corp. (MRO) and Hess Corp. (HES) boosting production from oil-rich geologic formations. Hydraulic fracturing, or fracking, involves pumping millions of gallons of water into the ground to free oil and natural gas and has been widely used in shale-rock formations such as the Bakken of North Dakota and Eagle Ford in Texas.

“What’s happening in North Dakota, and in Texas, with Eagle Ford, Bakken formation in North Dakota, is a tremendous development for U.S. oil production and economic growth,” Sieminski said.

Jobs? Check. Locally available sources of cheap energy? Check. Cutting down on imports of oil? Check. The natural switching from oil to natural gas, a cleaner source of energy? Check. And all without government.

The free market. It just works.

2012-08-23  »  madlibertarianguy