Oil Production Steady : 'Fracking' Brings Sustainable fuel Prices

As this article points out the increases in oil and gas production have had a stunning effect on the price of fuel. Little wonder the attacks on 'fracking' for fossil energy is ramping up as it is beginning to show how effective it is for securing a sustainable energy supply.  The progressive socialist environmentalists know this is bad news for their agenda for control.

What is means is that prosperity will continue to grow in this country, and that is bad news for the progressive socialists that believe it is necessary to obtain control of the population, fossil energy resources must be curtailed to slow the advancement of society, that is for the people to have less prosperity. With less prosperity, the progressive socialists believe the population will have to seek subsistence from the government forcing the population to become dependent and controllable.

Too simplistic, not really, the progressives socialist are all about control and through control they gain power. And with total power to control out comes for everyone, the agenda declared by Mr Obama in 2008 for "fundamental" change will be complete.

U.S. Oil Production Keeps Prices Steady
Source: Jared Meyer, "Putting Out Market Fires With North American Oil," Economics21, June 14, 2014

June 23, 2014

While the recent surge of violence in Iraq has yet to affect the country's oil production, fears of possible supply chain disruptions have caused futures prices to rise, explains Jared Meyer, policy analyst at Economics21.

Gas prices have been high for more than three years. However, price volatility has been low, thanks to increased U.S. oil production, which has risen 50 percent since 2008.

• Advances in drilling technology, including fracking, are responsible for the increased U.S. production.
• Despite Iranian sanctions, civil war in Libya and general Middle East unrest, prices have remained stable.
• According to Ben Montalbano, director of research for the Energy Policy Research Foundation, "Without the increase in U.S. oil production over the past few years, OPEC's excess capacity would be at or near zero. We lost 1 million barrels from Libya, and another 1 to 1.5 million barrel due to Iranian sanctions. Oil prices would likely be $20 to $40 dollars per barrel higher than they are now."

The small impact of these events on oil prices illustrates how important American oil production is to the world market. The U.S. could reduce volatility even further by approving Keystone XL and speeding up the oil and gas permitting process.