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Home Publications Blogs Beat the Press New Oil Isn't Quite the Transformation the NYT Implies

New Oil Isn't Quite the Transformation the NYT Implies

Tuesday, 20 September 2011 04:40

The NYT implied that shale oil production and new oil sources elsewhere in the western hemisphere will transform oil production and use in the United States. For example, it notes that production from shale oil could exceed 2 million barrels a day by 2020 and then adds:

"The United States already produces about half of its own oil needs, so the increase could help it further peel away dependence on foreign oil."

Actually, this oil will largely replace declining yields from older fields in Alaska and elsewhere. The United States was not especially dependent on Middle East oil even before the new production in the hemisphere cited in this article. Only a bit over 20 percent of the oil imported in the United States came from the Middle East even a decade ago.

Comments (3)Add Comment
written by bmz, September 20, 2011 8:39
It was just a minor proofreading error; they meant shale "gas," not shale oil. We do have enough shale gas to become energy independent when ever we really want to.
It sure will TRANSFORM oil production!!!
written by John Puma, September 20, 2011 3:31
"(P)roduction from shale oil could exceed 2 million barrels a day by 2020."

Indeed, and at a "transformationally" high energy INPUT cost per barrel output - NOT to mention trillions of gallons of contaminated water whose purification would flip the output/input yield from a marginal positive to a clear negative.
I'm amused ...
written by OJC, September 20, 2011 5:18
... or amazed that Ms Bachman and the NYTimes apparently demand nationalization, or, perhaps, price and export control, of the oil industry. How else can we preserve "our" oil for "our" use?

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About Beat the Press

Dean Baker is co-director of the Center for Economic and Policy Research in Washington, D.C. He is the author of several books, his latest being The End of Loser Liberalism: Making Markets Progressive. Read more about Dean.