fbpx

Latest Posts

Home

Facebook

Twitter

Search
About

Oil Imports From OPEC Reach 30 Year Low Thanks to Fracking

Oil imports from OPEC countries have reached their lowest level in 30 years, but it’s not because of wind and solar. It’s because of American oil producers ramping up production using a combination of horizontal drilling and hydraulic fracturing, also known as fracking.

As you can see, oil imports from OPEC nations like Saudi Arabia and Venezuela have declined precipitously since 2008, when the revolution in oil and natural gas production began to find its stride. Since that time, the United States has become the largest producer of both oil and natural gas in the world.

OPEC’s declining importance to America’s energy supply is one reason why the explosion of a Japanese oil tanker in the Straits of Hormuz have had only mild impacts on the price of oil. If this had happened in 2007, when America’s reliance on OPEC oil was near its peak, the response would have been far more dramatic.

Renewable energy advocates often talk about wind and solar as if there will cause some dramatic revolution in how our energy is produced, but this chatter is largely hyperbole. When we think about the energy landscape of the early 21st century, it will be oil and natural gas produced by fracking which will be considered to be the energy revolution of our time, not wind or solar.

And no, we’re not running out of oil or natural gas anytime soon.

Comments

Subscribe

Categories

Upcoming Events

  • Morning in Minnesota Breakfast: St. Cloud

    Location: Coyote Moon Grille 480 55th Ave SE, St. Cloud, MN 56304

    Please join Center of the American Experiment on Wednesday, October 16that Coyote Moon Grille for breakfast with Center policy fellow and energy expert, Isaac Orr. Following his discussion of his new report, “Doubling Down on Failure,” Isaac will be joined by a panel of local leaders for a conversation about renewable energy standards in Minnesota. Wednesday, October 16, 2019 Coyote Moon Grille, 480 55th Ave SE, St. Cloud, MN 56304 7:30 AM Breakfast & Check-in 8:00 AM Presentation 9:00 AM Conclude Free, RSVP Here

    Register Now
  • Morning in Minnesota Breakfast: Mankato

    Location: Mankato Golf Club, 100 August Drive, Mankato, MN 56002

    Please join Center of the American Experiment on Thursday, October 17that the Mankato Golf Club for breakfast with Center economist, John Phelan, as he discusses Minnesota’s economic future. Thursday, October 17, 2019 Mankato Golf Club 100 August Drive, Mankato, MN 56002 7:30 AM Breakfast & Check-in 8:00 AM Presentation 9:00 AM Conclude Free, RSVP Here

    Register Now
  • Morning in Minnesota Breakfast: Alexandria

    Location: Alexandria Golf Club 2300 North Nokomis Northeast Alexandria, MN 56308

    Please join Center of the American Experiment on Wednesday, September 25th at the Alexandria Golf Club for breakfast with Center policy fellow and education expert, Catrin Wigfall, as she explains the Center’s “Great Jobs Without a Four-Year Degree” project. Following her presentation on workforce development issues, Catrin will be joined by a panel of local leaders to discuss how Alexandria can better attract and retain young talent. Wednesday, September 25, 2019 Alexandria Golf Club 2300 North Nokomis NE, Alexandria, MN 56308 8:00 AM Breakfast & Check-in 8:30 AM Presentation 9:30 AM Conclude Free, RSVP Here

    Register Now