Obama has been good for US oil production

oil wellby divinemisscopa

U.S. oil gusher blows out projections
[Via Houston Chronicle]

The United States’ rapidly declining crude oil supply has made a stunning about-face, shredding federal oil projections and putting energy independence in sight of some analyst forecasts.

After declining to levels not seen since the 1940s, U.S. crude production began rising again in 2009. Drilling rigs have rushed into the nation’s oil fields, suggesting a surge in domestic crude is on the horizon.

The number of rigs in U.S. oil fields has more than quad­rupled in the past three years to 1,272, according to the Baker Hughes rig count. Including those in natural gas fields, the United States now has more rigs at work than the entire rest of the world.

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Increasing the number of rigs during his term by 4-fold is pretty good. On our way to zero imports in 10 years. Challenging Saudi Arabia as a producer of fossil fuels.

We can debate whether things might have been even better but the facts indicate that he has not made things worse. In fact, the oil business is booming. If he gets the blame for somethings – like the fracking business – he should get recognition when things are going well.

He seems to be allowing our exploitation of natural resources to continue just fine.

3 thoughts on “Obama has been good for US oil production

  1. Projections are all well and good, but one must take the EPA into account. They seem to be doing their best to shut down any and all oil production, including shale and refineries. Unless Obama controls the bureaucrats in EPA, gasoline will go to 10 bucks a gallon.

    1. The facts belie your statement. They demonstrate that since Obama became President oil production in the US has reversed a 30 year history of declines. For the first time since Reagan, oil production is increasing in the US. Anyone who says differently has an axe to grind.

      This article stated that oil rig count is up 4-fold since Obama came in. Those rigs have to be producing something.

      Looks like they are producing oil. A lot of it. US oil production in 2010 was higher than anytime since 2003! Oil production dropped 4% in Bush’s 2nd term. It dropped over 7% his first term. 15% drop in 8 years and no year with any increase. In Clinton’s 8 years, it dropped 15%. Again, no year with an increase.In GW Bush’s 4 years, production dropped 5%.

      In Obama’s first 2 years, oil production in the US increased about 11%. Not decreased. Increased. This is something that even Reagan could not accomplish.

      Under Obama, oil production is at its highest levels in almost 10 years. Oil production has increased every year he has been President. Four times as many oil rigs are in operation than before his election.

      Sounds like a great time to be producing oil in the US. And this is not based on any projections but on real data, no models.

      If government regulations and the EPA are responsible for such a huge increase in petroleum production, I say bring it on. Another 10% increase would be historic.

      Obama’s administration is doing something that Reagan, GW Bush, Clinton and GBush all failed to do. He stopped a 20 year decline in oil production. Any recognition of the facts would reveal that. We should be happy to see a revitalization of the oil industry, an increase in US production for the first time in 20 years and more rigs in production.

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