Research Fellow Isaac Orr and Jessica Sena from the Montana Petroleum Association discuss some of the challenges associated with the “growing pains” of increasing oil and natural gas production in the United States, and some of the potential solutions, including building more pipelines.
Thanks mainly to the shale revolution, oil production in the U.S. hit a 28-year high last month while imports were at their lowest levels since 1995. Consequently, prices have fallen 15% since June, and Saudi Arabia has cut production by 400,000 barrels a day — providing further evidence that OPEC no longer has the power to set prices.
Despite the war-like hostility of the Obama administration to the traditional carbon based energy that fueled the industrial revolution, the entrepreneurship and modern technology of America’s private economy is producing a boom in oil and gas production that is overwhelming President Obama.
The sequester happened. Nothing happened—though we all understand there will be impacts down the road. But, it didn’t have to happen. “Sequester,” a word foreign to most of us, “is…