Domestic oil

2:47pm

Tue May 14, 2013
The Two-Way

Huge Boost In U.S. Oil Output Set To Transform Global Market

Originally published on Tue May 14, 2013 3:48 pm

IEA chief Maria van der Hoeven, seen in a 2011 photo, said that North American production has set off a "supply shock that is sending ripples throughout the world."
AFP AFP/Getty Images

U.S. oil production is rising sharply and increased output from shale will be a "game changer" in global energy markets in the coming years, according to a new report out Tuesday by the International Energy Agency.

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1:00am

Tue April 17, 2012
Business

U.S. Has A Natural Gas Problem: Too Much Of It

Originally published on Tue April 17, 2012 5:43 am

Oil field workers drill into the Gypsum Hills near Medicine Lodge, Kan. Hydraulic fracturing, or "fracking," to coax out oil and gas has led to a natural gas boom that the U.S. market is having trouble absorbing.
Orlin Wagner AP

There's a boom in natural gas production in the United States, a boom so big the market is having trouble absorbing it all.

The unusually warm weather this winter is one reason for the excess, since it reduced the need for people to burn gas to heat their homes. A bigger reason, however, is the huge increase in gas production made possible by new methods of coaxing gas out of shale rock formations.

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6:20am

Mon March 12, 2012
The Two-Way

Report Shows Drop In U.S. Oil Imports

Originally published on Tue March 13, 2012 5:53 am

The White House will unveil a report today showing that U.S. dependence on foreign oil imports has dropped by more than two million barrels a day since President Obama took office.

The report shows U.S. imports at 8.4 million barrels a day last year from 11 million barrels a day in 2008. As a percent of all U.S. consumption, foreign imports went from 57 percent down to 45 percent in the same period, the report says.

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2:15pm

Tue January 24, 2012
Energy

Foreign Oil Imports Drop As U.S. Drilling Ramps Up

Originally published on Tue January 24, 2012 4:07 pm

Natural gas is burned off next to an oil well being drilled at a site near Tioga, N.D., in August. U.S. oil production started increasing a few years ago and is predicted to continue to rise, reducing the country's dependence on oil imports.
Karen Bleier AFP/Getty Images

Since President Obama took office, the U.S. has made considerable progress in overcoming a problem that has bedeviled presidents since Richard Nixon — dependence on foreign oil.

When U.S. oil dependence peaked at 60 percent in 2005, then-President George W. Bush said the country had a serious problem and was "addicted to oil."

Oil imports were down to 49 percent in 2010, and the Energy Information Agency predicted Tuesday that imports would drop to 36 percent by 2035.

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10:06am

Wed January 18, 2012
The Two-Way

Reports: Obama Will Reject Keystone Pipeline Proposal

Originally published on Wed January 18, 2012 2:20 pm

Atkinson, Neb., rancher Bruce Boettcher, who opposes the Keystone XL pipeline, kicks up sand on his land, to demonstrate the fragility of the sandhills near the planned route of the pipeline.
Nati Harnik AP

Saying it did not have sufficient time to properly vet the proposal, the State Department said it would recommend rejecting a proposal by TransCanada to build a 1,700 mile pipeline, which would carry oil from Canada to refineries in Texas.

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