from SRS Rocco:
The notion of future U.S. Energy Independence will seriously disappoint the market and American public. This strategy of energy independence put forth by the energy industry and U.S. Govt may buy some time for our anemic economy and the U.S. Dollar, but will back-fire in a big way when overall oil and gas production declines much sooner than expected.
If we take a look at the chart below, recently released by the U.S. Energy Information Agency (EIA), the United States still imports a net 7.5 million barrels a day (mbd) of crude oil.
Now, if we go by a total NET BASIS, the U.S. imported 6.2 mbd of petroleum products in 2013. Still, this is a long way away from energy independence. The United States never produced more than 10 mbd of crude oil when it peaked back in 1971. So, not only does the U.S. oil industry need to surpass the 10 mbd peak, it would have to reach nearly 14 mbd.
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