Energy independence is no longer enough — the US wants dominance
The US is in a position to be energy-dominant, not just independent, thanks to fracking and plans to loosen drilling regulations, interior secretary Ryan Zinke said on Monday. Oil production across the US may increase 17% to a record 10.24-million barrels a day by the end of 2018 as companies cut costs and become more efficient in drilling, especially in areas such as west Texas and North Dakota. Domestic output has not surpassed 10-million barrels a day since 1970. At a time when oil cartel Opec and other producers are cutting output, US exports surged above 1-million barrels per day for the first time. "In 1983, I was told we’re going be out of oil and fossil fuels definitively in 2003. That’s not true," Zinke said at the Offshore Technology Conference in Houston. "And, you know, I always say God’s got a sense of humour — he gave us fracking. And fracking is a game-changer — certainly a global game-changer." Zinke is pushing forward President Donald Trump’s plans to expand oil and...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.