You are about to hear one of the most important and most lucid deconstructions of the false promise of American energy independence.
Certainly world oil production did not stop growing in 2005. Last year’s total was estimated by the EIA to be 4.8 million barrels higher each day than it had been in 2005.
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The combination of horizontal drilling, hydraulic fracturing, 3D seismic surveys, and other gee-wizardry has produced a near-miracle, which has left experts confounded, politicians exuberant, and journalists suffering from hyperbole.