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View Diary: When is Anyone gonna Debunk the Myth Of Energy Independence!?!? (17 comments)

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  •  There is a shale revolution happening (0+ / 0-)

    and the U.S. will become energy independent in the next several years. Oil imports are already down significantly. Within a few years it will no longer make sense financially to import oil from the Middle East or Africa.

    But I think North American energy independence is the correct phrase. Between Canada, Mexico and Venezuela, we won't have to import non-North American oil inside of 5 years. And if we really wanted to, we could become completely self-sufficient.

    All of this is happening under Obama. But they don't want to give him credit. I'm in the oil business and for the most part the industry is composed of extreme rightwing Obama hating fanatics. If they knew my political leanings i'd be finished.

    •  I bow to your superior knowledge... (0+ / 0-)

      of the oil industry.  But it seems to me that the weak point of the argument is that, for us to become self-sufficient, all domestic oil production would have to be sold to US interests.  As I recall, when the "Drill Baby Drill" clamor first started and the Bushies were demanding that offshore oil fields should be opened up to exploitation, the Democrats essentially said fine--if it was guaranteed that the yield from those fields was earmarked for domestic sale only.  The GOP said no.  There is likely still no majority in Congress for such a restriction on oil sales.  It might be numerically possible in strictly a bbls-per-year sense, but I'm not sure you can count on that kind of patriotism from oil companies (or Repubs, for that matter.)

      It ain't free speech if it takes cash money.

      by Uncle Igor on Wed Oct 17, 2012 at 02:09:20 AM PDT

      [ Parent ]

      •  It has nothing to do with patriotism (0+ / 0-)

        Oil companies aren't citizens of any country. They're as fungible as the oil they market. What drives energy independence is economics. An oil company can save $30 to $40 a barrel by using oil from North Dakota instead of oil from Saudi Arabia or Nigeria.

        It was economics that drove our reliance on foreign oil in the first place. Now oil prices are so high that the cheap labor used to produce oil overseas no longer provides an advantage over American production. In fact American oil (at least the blends produced in the interior) have a tremendous price advantage over foreign oil.

        That brings up another point. To get gas prices where Romney claims he wants them would mean oil prices would have to collapse again. If that happens, oil companies will shut down American fields since the average oil worker in this country would make more per hour than the price of a barrel. Obviously, that would kill jobs.

        By the way, currently laws are in place prohibiting the export of U.S. produced crude oil. Congress would not have to stipulate that all production be consumed in the U.S. because that's already the law.

        •  Laws prohibiting export.. but? (0+ / 0-)

          what is your take on this one?   I'm originally from the area of TX near the Permian Basin near Midland, TX.  This kind of thing doesn't slip my notice.

          HOUSTON - State-owned Chinese energy giant CNOOC is buying a multibillion-dollar stake in 600,000 acres of South Texas oil and gas fields, potentially testing the political waters for further expansion into U.S. energy reserves.

          With the announcement Monday that it would pay up to $2.2 billion for a one-third stake in Chesapeake Energy assets, CNOOC lays claim to a share of properties that eventually could produce up to half a million barrels a day of oil equivalent.

          It also might pick up some American know-how about tapping the hard-to-get deposits trapped in dense shale rock formations, analysts said.

          Read more:

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