Making Sense of the U.S. Oil Boom
Posted 15 September 2012 - 09:46 AM
Daniel Yergin talks about where it's coming from and what it will mean for the U.S.—and the world
The U.S. has long been seen as an energy hog. Thanks to hydraulic fracturing and deep water technology, it is now pumping more oil than it has in more than a decade, and its growing status as a crude producer is taking the world by storm.
In a conversation with The Wall Street Journal, Daniel Yergin, the energy industry's most prominent chronicler, talks about the American oil renaissance and its profound implications for the U.S. in a changing world. Mr. Yergin, currently vice chairman of IHS, a consulting firm in Englewood, Colo., is the author of "The Quest: Energy, Security, and the Remaking of the Modern World." His history of the oil industry, "The Prize," earned a Pulitzer Prize.
Here are edited excerpts from the conversation.
GOP Dropping the Ball on Energy Debate?
Posted 15 September 2012 - 10:07 AM
The domestic oil and gas supply picture is better than it’s been in a generation, and it’s getting better every day. That’s not just my opinion; it’s also the conclusion of Adam Sieminski, chief administrator of the Department of Energy’s Energy Information Administration (EIA), the government’s one-stop shop for all statistics related to our nation’s energy production and consumption. Sieminski was interviewed by Platt’s Energy Week upon the release of EIA’s annual reserve statistics on August 2, 2012 (link to Platt’s video, approx. 10 minutes).
The questions an intelligent voter may ask: “Why is the professional press continually suggesting that ‘the oil boom is a mirage’? Why am I learning about this from a part-time blogger, and not from the government? Why is this apparent ‘windfall’ not shaping economic policy?”
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