Friday, September 20, 2019

America’s Oil Miracle: A Bulwark Against Iran, and NO Thanks to Democrats

af_istocker | Getty Images
In any other era, Iran’s suspected attack on Saudi Arabia’s largest oil processing plant would have inflicted unprecedented economic pain on America and the rest of the world, not just a temporary uptick in the price of oil. But that is unlikely to happen this time around, just like it didn’t happen during Iran’s previous acts of belligerence against oil facilities in the Persian Gulf this year. This is because America has largely become energy independent and the global energy super power, a goal that seemed improbably elusive just a decade ago. Trump would be wise to tout America’s oil miracle today and make the Democrats’ war on energy independence a key feature of his economic and national security message headed into 2020.
During the last week in August, the U.S. Energy Information Administration (EIA) announced that American crude oil production had hit an all-time record of 12.5 million barrels per day (bpd). That is an astounding 40 percent increase in production since Trump took office in January 2017.
It’s not just our producing capacity that has grown. Our oil refineries are processing record amounts of oil. Earlier this year, we hit 18.8 million barrels per day through the refineries, clearly keeping up with the supply of production.
In addition to nearly achieving energy independence, the U.S. is now dominating the global market and helping relieve the pressure of Iran and Russia’s petro-tyranny on other countries. When Trump took office, there was essentially no concept of us exporting crude oil to the world. Our exporting capacity has now increased threefold. We are also now importing less oil than ever before.
Read the rest of the story HERE.

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