Frack ALL The things!
(I suppose that is only to be expected from a half-Kenyan socialist whose own back-story- the bits of it that we know, anyway- indicate a deep-seated hatred of Western culture and an appalling lack of economic literacy...)
American energy independence is right around the corner and the country is set to become the world’s oil and gas superpower. This could be the era of American energy dominance, thanks to the advent of hydraulic fracturing — or fracking.
BP Global expects that the U.S. will overtake Saudi Arabia as the world’s largest oil producer this year due to rising production from fracking. On top of that, U.S. oil imports will fall nearly 75 percent through 2035. This will diminish OPEC’s influence on world oil markets and dampen their abilities to manipulate prices — something the global oil cartel is fretting over.
Natural gas from shale is expected to account for 68 percent of U.S. gas production by 2035, and North American natural gas is expected to make up 71 percent of the world’s shale gas production by 2035, according to BP.
“In the meantime, the natural gas boom has led to cleaner power and greater energy independence,” Obama said in his 2013 State of the Union Address. “That’s why my administration will keep cutting red tape and speeding up new oil and gas permits.” [Didact's Note: I had to physically restrain myself from throwing my coffee cup at my computer monitor at this point; the man is so full of BS that it's a wonder he doesn't spontaneously catch fire at some point.]
The federal government has had almost nothing to do with the oil boom that has been going on for the last few years. In fact, the feds have only been detrimental to energy production. While oil and gas production soared on private property and state lands, production on federal lands has withered.
The Congressional Research Service found last year that all of the increased crude oil production “from FY2007 to FY2012 took place on non-federal lands.” Natural gas production on federal lands fell by 33 percent from 2007 to 2012, while production on private and state lands grew by 40 percent.
The benefits of the energy boom go beyond the broader economy. Such benefits can be seen driving through the hard hit areas of rural America. In Pennsylvania, once struggling farms can now afford to rebuild dilapidated barns or buy brand new tractors with royalty payments from gas companies.