Tara PihnHere’s some good news. A lot of FL folks don’t fully appreciate what’s happening because we are away from the economic action. Please read this great article from CNNMoney entitled US to Become Biggest World Oil Producer in Less than 10 Years. Excerpts:
“The United States will overtake Saudi Arabia to become the world's biggest oil producer before 2020, and will be energy independent 10 years later, according to a new forecast by the International Energy Agency. The recent resurgence in oil and gas production, and efforts to make the transport sector more efficient, are radically reshaping the nation's energy market, reported Paris-based IEA in its World Energy Outlook… The U.S. is experiencing an oil boom, in large part thanks to high world prices and new technologies, including hydraulic fracking, that have made the extraction of oil and gas from shale rock commercially viable…North America would become a net exporter of oil around 2030, the global organization said recently.”
This could save our entitlement programs and prevent draconian cuts to Medicare and Medicaid. I know this post will annoy a lot of environmentalists who want to end our dependence on fossil fuels. That will happen but we are not ready yet; we are probably 100 years away from viable, environmentally friendly, renewable energy solutions. This is a good interim step to rebuilding our economy, solving our trade deficit and filling a huge budget hole.