US Oil Production Up!?

flare

US domestic crude oil production has exceeded oil imports for the first time since 1995, according to the Energy Information Administration (EIA).

The EIA said petroleum imports were at their lowest since 1991, partially due to surging domestic oil production from hydraulic fracturing, or fracking.

In October, US crude oil output averaged at 7.7 million barrels per day (bpd).

The EIA says it expects output to exceed 8.8 million bpd by 2014.

The domestic oil boom has been due mostly to fracking, a new technique used to get oil from shale deposits in locations like North Dakota and Texas.

Source: BBC News

Now if oil production is up so much, why are we working people still paying over $3.00 a gallon for gas? According to what they want you to believe about Capitalism, the supply went up, therefore the price should go down. But did it? Why not? It didn’t go down because the rich owners of the oil company control the price, don’t you think?

Leave a Reply

Your email address will not be published. Required fields are marked *