A new drilling method is opening up enormous new fields of recoverable oil in the United States, within underground shale, according to the AP. The method is less expensive than deep-water drilling in the Gulf of Mexico, and is predicted to boost domestic U.S. production by 20 – 40% within five years, producing 1 – 2 millon barrels of oil a day. This method of oil drilling is already producing oil in North Dakota and Texas, and other fields showing promise include some stretching beneath Wyoming, Colorado, Kansas, Nebraska, New Mexico and California.
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It’s really amazing what private industry and entrepreneurship can achieve. Some predict that this new method of recovering domestic oil, combined with some other factors, could reduce the U.S. need for foreign oil by 60%, by the year 2020. That’s good news for the country’s economy and for the country’s security.
And now the countdown begins to when the Obama administration’s EPA begins to throw obstacles in the way of this innovation …