Energy independence is almost here

By Matthew Philips

Every president since Richard Nixon has chased the dream of energy independence, promising to break the U.S. reliance on foreign oil. Today the U.S. is more energy-independent than it’s been in 20 years. But don’t give President Obama too much credit. He came into office promising to jump-start renewable energy and directed billions in subsidies toward the green economy. Meanwhile, a separate energy revolution took hold in the oil and gas fields. New drilling techniques unlocked vast reserves unreachable just a few years ago. Oil and natural gas production in the U.S. is increasing at its fastest rate in 50 years, while imports from OPEC have been cut by a quarter in the last four years.

THIS YEAR THE U.S. PRODUCED 83% OF THE ENERGY IT CONSUMED

Up from 73.9% in 2008

U.S. OIL PRODUCTION VS IMPORTS

The U.S. produces 1.5 million more barrels a day and imports 1 million fewer barrels a day than in 2008

NATURAL GAS PRODUCTION

Up 18 percent since January 2009

484,000 JOBS

Created by the oil and gas industry since January 2009

SOURCES U.S. Energy Information Administration, American Petroleum Institute, Bloomberg, Bureau of Labor Statistics

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