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Not Exactly....
No.
The U.S. domestic crude oil production level has increased continuously since2008, exceeded U.S. net imports in2011, and continues to grow at historic rates currently. Reduced crude oil imports have substantially increased U.S. Energy Security by reducing the level of imported energy supplies from higher disruption risk Countries outside of North America.
Increased U.S. domestic crude oil production has been due to substantial growth in ‘shale oil’ or what is commonly referred to as ‘tight oil’. Domestic U.S. ‘tight oil’ production has increased due to the successful development of new technologies such as ‘horizontal drilling’, and ‘hydraulic fracturing’.
Besides the development of new and innovative shale or tight oil production technologies a major enabler to increased domestic U.S. crude oil production has been increased market prices and access to State and Private shale oil reserves. The major potential risk to further tight oil development could be a large and long-term decline in crude oil market prices. This risk to U.S. domestic oil production is quite real and could be the result of market conditions that shutdown previous shale oil development and production projects during the early1980’s.
Dont have much idea about it.............. Thanks for the invitation............... Agreed to YOU
Not in the short run. Yes on the long run because the prices will go up again and the era of cheap energy is almost over.
