Hooray, oil is suddenly much cheaper than it used to be. That’s great news, right? Not so fast.
Energy independence. It’s so easy to say, but oh so hard to actually accomplish, which is why the United States has been a consistent importer of oil since the late 1940s.
…the University of Texas released an updated study on the Texas’ Barnett shale formation which confirmed the Barnett’s overall shale gas production has now declined by more than 20 percent since 2011. The study also confirmed of the 16,000 Barnett wells drilled to date about 12,000 of them are now classified as depleted.