New Report Shows How Incredibly Wrong Obama Was About Energy Independence
Has any politician ever been more wrong than Barack Obama was about U.S. oil production and energy independence? Based on the latest report from the International Energy Agency, the answer is unequivocally no.
On Tuesday, oil prices fell for the 12th consecutive decline. And amid that decline, the International Energy Agency forecasts that the U.S. will account for 75% of the growth in global oil production through 2025.
That’s a stunning finding that shows how dynamic the domestic oil and gas industry has become.
Oil Production Skyrockets
Crude oil production in the U.S. has climbed more than 67% in just the past six years. And the Department of Energy expects it will climb an additional 11% next year.
Earlier this year, U.S. production hit 11 million barrels a day, surpassing Russia as the world’s largest oil producer, after having blown past Saudi Arabia in February.
This explosion in domestic oil production is largely due to fracking, which has opened vast expanses of once-inaccessible crude oil.
It was also never supposed to happen.
At least not if you’d been listening to President Barack Obama. For eight years, Obama told the country over and over again that the U.S. would forever be dependent on foreign countries for oil. And that the only hope for energy independence was to heavily subsidize “renewable energy” like wind and solar.
Obama’s mantra was that the U.S. had just 2% of the world’s oil reserves, but consumed 20% of the world’s oil. There was literally no way, he claimed, that the U.S. could drill its way out of oil dependency.