After Bush Era Decline, US Now World’s Top Oil Producer
Oil Output Suppressed, Lowered by Bush/Cheney/Enron Manipulation
By Gordon Duff, Senior Editor
America is now the top oil producer in the world, nearly a 45% increase today over the worst dip in production during the Bush market crash. In fact, over the entire Bush administration, oil production in the US maintained a steady decrease despite endless new areas made available to drilling, some at high environmental risk.
Moreover, mismanagement, corruption and cronyism at the hands of “oil experts,” which Bush and Cheney claimed to be, were, in actuality disastrous for the US oil industry. Not only was oil production down but refinery construction and fuel exports also lagged.
The graph below, supplied by the highly conservative American Enterprise Institute, provides damning evidence of the hidden failures of the corrupt Bush era. While Americans fought and died around the world to provide cheap and even stolen oil for the world market, American production of crude, of gasoline and other fuels, not just fell, America’s oil infrastructure collapsed as well.
The problem was short sighted lack of investment and policies that encouraged speculation over development.
Everything most Americans were led to believe about our oil economy and White House expertise under Bush 43 was a lie.
US Oil Production Surpasses Saudi Arabia’s for the First Time in a Decade
Perry notes that the Energy Information Administration states that last year Saudi Arabia was the largest producer and exporter of petroleum and other liquids at 11.6 million barrels per day. It estimated US output at 11 million barrels per day, putting it in second place for the year.
Of course there is much fluctuation on a month to month basis and this coupled with what we noted earlier (record US petroleum exports in December) is a sign of things to come. The financial crisis may or may not be a game changer in terms of the global political economy, but the cheap energy story in the US is a game changer and the full ramifications are still being contemplated.
Short URL: http://www.veteranstoday.com/?p=242133
Posted by Gordon Duff on Mar 6 2013, With 0 Reads, Filed under Economy, Editor. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.