Essay On Natural Gas Production

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Oil and Natural Gas Production Oil and natural gas production has been exponentially multiplying since 2008, making the United States independent from foreign energy. This is important for the United States economy because in the last century a significant amount of GDP has gone to the importation of Oil and gas, doing so we have become victims of the rise and fall of the volatile prices set by OPEC, driving the United States to economic crisis, as it happened in the 1973 oil crisis where oil prices rose dramatically from $3.00 per barrel to $12.00 per barrel . Oil Production in The United States According to Forbes Magazine “Domestic oil output has surged by 50% since 2010, creating more than 1 million jobs while slashing some 800 million barrels off of annual imports. Shale gas production has risen to more than 10 trillion cubic feet per year from nothing 15 years ago. Oil prices have stayed high, but U.S. consumption has been flat for five years, the U.S. uses 7.5 billion barrels per year. Resulting in $100 billion a year in petrodollars that now stay in the U.S. instead of...

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