Guest View: Corn Is for Food, Not Fuel
As a result of technological innovations enabling producers to extract hard-to-reach oil from shale formations, domestic crude-oil production has increased to more than 7 million barrels a day, compared with 5 million barrels a decade ago.
Meanwhile, oil imports, especially from OPEC countries, have plunged. The domestic economy is no longer hostage to OPEC and others, such as Russia and Venezuela, which use exports to achieve geopolitical goals.
Remarkably, the amount of technically recoverable oil in the United States available for long-term development now exceeds 100 billion barrels — more than 20 times the current level of annual production, according to IHS, a global research company. READ MORE