December 12, 2011

DANIEL YERGIN: America’s New Energy Security: Thanks to new technology, the U.S. has become less dependent on petroleum imports from unstable countries. “U.S. petroleum imports, on a net basis, reached their peak—60%—of domestic consumption in 2005. Since then, they have been going in the other direction. They are now down to 46%. . . . U.S. crude oil output has risen by 18% since 2008. Some of that has come from an increase in deep-water output, although after last year’s Deepwater Horizon oil spill the pace of future growth is more uncertain. The big surprise is onshore, where the United States is experiencing an oil boom.” The Saudis and their allies the Greens are unhappy, but for everyone else it’s good news.

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