I just saw that the Bakken Field in North Dakota is now producing about 500,000 barrels of oil a day. Currently the US imports about 50% of it’s oil which is about 10,000,000 bbl/day. That means production in the Bakken field has decreased of foreign oil dependence by 5%. Since production is still ramping up there we should see further decreases. Yay!!!
On a related note I saw gas at $3.46/gal today, down from $3.95 a couple months ago. This price could be lower still if Ken Salazar wasn’t blocking oil sands production, exploratory drilling in the Rocky Mountain Front and Coal to Gas production. Impeach him now. It would be lower still if Obama hadn’t blocked the pipeline carrying crude from Canada to Texas. I can’t speak for anyone else but I find this to be hugely important because I don’t really think an economic recovery can start really catching hold until gas is below $3.00/gal. I am not an economist so I can’t back this up with numbers but anecdotally I am positive that the last two recessions both started as gas prices climbed above $3.00/gal in California.
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