American Oil Imports Hit 45 Year Low
News Article Sponsored by Berith Equipment
America is importing less oil than any time in the last 45 years.
In 2005, America imported 60.3 percent of its oil. In 2015, the U.S. only imported 24.2 percent. Economist Dr. Mark Perry of the American Enterprise Institute attributes the decline in petroleum imports to the development of hydraulic fracturing, or fracking, of American shale.
New technologies mean that America will soon be producing more oil and have larger oil reserves than ever before, according to a report published last week by the International Energy Agency (IEA.) The report states that the new technologies of hydraulic fracturing, or fracking, and horizontal drilling techniques have boosted the American oil industry.
Largely due to this new American production, global oil prices are near historic lows. The IEA believes that prices are set to rise again due to growing foreign demand, which could set the stage for another American oil boom built on the infrastructure of the first fracking boom.
Click HERE to read the article from the publisher