In another of a series of bright spots for the U.S. economy during the past twelve months, Reuters has reported that “Surging shale production is poised to push U.S. oil output to more than 10 million barrels per day – toppling a record set in 1970 and crossing a threshold few could have imagined even a decade ago…” America is now poised to rival Russia in energy production. The productivity level provides lower prices for consumers, and the booming industry provides needed jobs.
The latest news comes just after a month in which in was reported by industry sources that weekly coal production was surging. The developments, as reported by CNBC‘s Tom DiChristopher, fall in line with President Trump’s goal of making the U.S. “Energy dominant,” a dramatic departure from Obama’s policy. Energy Secretary Rick Perry explained energy dominance to the White House press corps: “An energy dominant America means self-reliant. It means a secure nation, free from the geopolitical turmoil of other nations who seek to use energy as an economic weapon…An energy dominant America will export to markets around the world, increasing our global leadership and our influence.”
In July, Stephen Moore, in a Washington Times editorial noted that “in just six months, “we reduced the petroleum share of the trade deficit by 5 percent…Mr. Trump recognizes what almost all his critics choose to ignore: we are entering an age of American energy renaissance that will last not just years but many decades. While the left keeps placing bad bets on expensive and unreliable green energy, Mr. Trump has a more robust and realistic strategy: make the United States the 21st century Saudi Arabia. We are well on our way getting to that goal given the continuing story of the shale oil and gas explosion…Thanks in part to Mr. Trump’s energy vision, we are now building liquefied gas terminals that will lead to sharp increases in exports of our abundant natural gas. Bloomberg reports that “since starting up last year, Cheniere Energy Inc.’s Sabine Pass terminal in Louisiana — the first major facility sending shale gas overseas — has shipped more than 100 cargoes of LNG overseas.”
The contrast between the Obama Administration and the current White House is extraordinary. Obama, often referred to as the most anti-energy president in U.S. history, roadblocked numerous U.S. energy development programs, including pipelines, offshore drilling, and sought to essentially close down the coal industry through regulation. Forbes reported in 2016 that “ In 2008, President Bush’s last year in office, the U.S. produced 1.06 billion metric tons of coal — an all-time high. By 2015 it had fallen to 813 million metric tons. [there was] a decline of 37% in coal production during Obama’s presidency.”
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