The exact quote used was ‘the chant is drill baby drill’ used by Ms Sarah Palin in her Vice-Presidential debate against Mr Joe Biden back in 2008.
Fast forward a decade to 2018 and the US is back at record levels of oil production with some economic forecasters predicting that it could soon overtake Saudi Arabia as the world’s number one again.
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Yes, government reports for the month of November 2017 showed that US oil production broke 10 million barrels a day for the first time in 48 years.
Mr Daniel Yergin, vice chairman at oil analyst group IHS Markit: "This is significant in market terms, and it's very significant psychologically. The US is back big time as an oil producer and could be by next year the largest in the world. We're one of the big three now, and we could be number one."
"Just a decade ago, our net imports were 60 percent of total demand. Now, they're 20 percent."
It does help of course that Saudi Arabia currently has cut back due to the OPEC deal with Russia and others to keep supply off the market.
Commenting on the booming stock market combined with the oil price back at $70 per barrel, London Capital Group head of research Jasper Lawler said: “I don’t think it’s durable, that suddenly we see oil and the S&P attached at the hip. They have coincidentally done well and it’s profit-taking. But I think their fortunes are going to diverge and this correlation won’t survive the test of time.”
“The other factor is that big $70 level in Brent. That is pretty much the top of the range for most forecasts out there. So again, that’s a price level that gives some pause for thought. I don’t think we should go back to 60 but I think probably 65 seems like a logical area to … start refocusing on the fundamentals of the market versus general sentiment.”
This can't be true ☺ ☺ ☺?
All the Experts back in 70's told us we would run out of oil by 2001. ☺ ?
President Carter, who took these experts at face value and even went on National TV to panic Americans.
Global Warming also should have melted Polar ice melted and the polar regions were to be at 45c (113f). Mid America at 124-145f.
Just ask Al Gore or Hollywood that made $$$ BILLIONS warning us.