January 10th, 2013
More good news on American energy independence.
Walter Russell Mead states, “According to recent government forecasts, oil imports will will drop to the lowest level in more than 25 years in 2014. The FT reports that imports will fall to six million barrels per day, half of the 12 million barrels per day we imported from 2004–07, putting America well on the road to energy independence.”
Reduced American dependency on imported oil is the result of new technologies including horizontal drilling and hydraulic fracking, and reduced consumption through efficiency and a struggling economy.