Domestic Energy: Triumph in the Face of Adversity

In the black days following the Obama administration's inaugural revels, some good news is always welcome.  And the WSJ has just furnished us with some good news, indeed. The news concerns the growth of American oil production.  Last year, it increased by the largest amount since we started domestic production back in 1859.  In fact, production was up by nearly 780,000 barrels per day (bpd), making our average production the highest in 15 years at 6.4 million bpd. The result is that our total net oil imports dropped by almost 7%, which is also a 15-year low.  And Valero Energy has announced that it will expand its refining facilities in Texas to refine the new product -- the first expansion of refining in years. This is in addition to our record-high natural gas production, reflected in its record low prices. The additional good news is that next year will be even better -- the projection is for an increase in oil production of 900,000 bpd.  In fact,...(Read Full Article)