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.
While we weren’t paying attention, post-war Iraq grew into a major force in the global oil market. Reaching a 30-year high, its production and exports have climbed steadily since 2011—making Iraq the second largest producer in OPEC, the seventh globally. The International Energy Agency (EIA) has forecast that Iraq has the fifth-largest proven oil reserves.
Several Hollywood elites were recently caught red-handed on videotape, agreeing to take money from a Middle Eastern oil sheikh for another anti-fracking movie. Their actions were shameful, but they felt no shame – only anger at the folks who caught them in the act. Indeed, the ironies are matched only by their hypocrisy and disdainful disregard for the consequences of their anti-fracking fervor.
Following my appearance on the Daily Show, I’ve received emails and phone calls from people who don’t agree with my views about energy and the advantages America’s energy abundance provides—benefits that drive both progress and prosperity.
October 17 was the fortieth anniversary of the oil embargo slapped on America by the Organization of Petroleum Exporting Countries (OPEC). That action changed the entire geopolitical map by taking the power from the United States and giving it to the Middle East. As a result of the embargo, America slid into a serious recession.
Last week, Bob Goodlatte (R-Va.) and other lawmakers introduced legislation in the House of Representatives calling for major changes in the Renewable Fuel Standard (RFS). The RFS is the reason[...]