Bank of America reports that the United States will remain the world’s top energy producer this year and for some time to come despite the current administration’s attempts to curb energy exploration and transportation.
President Obama has done everything within his power (and some things not so within it) to suppress American energy production. As Bank of America reported, America’s energy producers have refused to give in.
U.S. production of crude oil, along with liquids separated from natural gas, surpassed all other countries this year with daily output exceeding 11 million barrels in the first quarter, the bank said in a report today. The country became the world’s largest natural gas producer in 2010. The International Energy Agency said in June that the U.S. was the biggest producer of oil and natural gas liquids.
Questionable regulations and preventing the completion of the Keystone XL pipeline have been top priorities of the Obama administration while millions of Americans struggle to put a full tank of gas in their vehicles or pay other energy bills. Thanks to American energy producers, things have been kept at least survivable. BofA’s head of commodities research said that “the shale boom is playing a key role in the U.S. recovery. If the U.S. didn’t have this energy supply, prices at the pump would be completely unaffordable.”
Unfortunately, despite the best efforts of American producers, President Obama’s failures in the middle-east are keeping gas and energy prices artificially high.
“The shale production story is bigger than Iraqi production, but it hasn’t made the impact on prices you would expect,” said Blanch. “Typically such a large energy supply growth should bring prices lower, but in fact we’re not seeing that because the whole geopolitical situation outside the U.S. is dreadful.”
One way or another, it would seem that we will see energy prices “necessarily skyrocket.”