Seven years after President George W. Bush declared “America is addicted to oil, much of which is imported from unstable parts of the world,” the country has so much crude that it was able to join Europe in choking off exports from Iran without pushing U.S.
benchmark prices over $100 a barrel. And refining capacity helped make the U.S. the world’s largest fuel supplier. Even in Venezuela, where Exxon Mobil Corp. (XOM)’s assets were seized, more and more cars run on gasoline made in America.
“The U.S. has a huge lead in the 21st century in maintaining its superpower status,” said Ed Morse, global head of commodities research at Citigroup Inc. in New York. “There was absolutely no way to anticipate the level of growth in the oil supply.”The photo of Kern River oil field suggests to me what 320-acre spacing might have resulted in in the Bakken. Eco-Pads, larger multi-well pads, and large spacing units may have prevented this. Time will tell.
By the way, for some beautiful North Dakota scenery, I re-posted the Bear Den video.