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Saturday, March 24, 2012

NY Times Credits Bush, Cheney with US Energy Surge

I’m getting ready to start any number of conspiracy theories here. Was the New York Times website hacked by Anonymous? Did someone accidentally click on a redirect to The Onion? Did some editor at the Gray Lady suddenly suffer from a stroke and go rogue on us? In any event, as Walter Russell Mead discovers, the Paper of Record unleashed some good news on the energy front this week.

Not only has the United States reduced oil imports from members of the Organization of the Petroleum Exporting Countries by more than 20 percent in the last three years, it has become a net exporter of refined petroleum products like gasoline for the first time since the Truman presidency. The natural gasindustry, which less than a decade ago feared running out of domestic gas, is suddenly dealing with a glut so vast that import facilities are applying for licenses to export gas to Europe and Asia.
National oil production, which declined steadily to 4.95 million barrels a day in 2008 from 9.6 million in 1970, has risen over the last four years to nearly 5.7 million barrels a day. The Energy Department projects that daily output could reach nearly seven million barrels by 2020. Some experts think it could eventually hit 10 million barrels — which would put the United States in the same league as Saudi Arabia.

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