(OilPrice) Seven years ago George W. Bush declared that, “America is addicted to oil, much of which is imported from unstable parts of the world.”
That statement is certainly not true now. Eager to make the most of consistently high oil prices, oil companies have set up 1,432 rigs this year in the US, the most since records began in 1987. According to the Department of Energy this has led the US to increase its oil production capacity by 766,000 barrels a day, to a total volume of 6.41 million barrels a day, the highest level in 15 years and the largest increase in production since the first well was drilled back in 1859. Petroleum imports have fallen by 38 percent, now accounting for 41 percent, down from 60 percent, and proof that the US is moving closer to energy independence.