Daniel Yergin wrote a column for the Wall Street Journal on Tuesday that contained this factual jewel: the growth of oil production in the US since 2008 has been the highest of any country in the world. http://online.wsj.com/article/SB10000872396390444734804578062331199029850.html. That's amazing!
The economic and national security benefits of the US oil and gas boom are enormous. Combined with booming biofuel production and energy efficiency measures that have caused oil consumption to 1999 levels, booming domestic US oil production has slashed oil imports to the lowest level in decades. That has cut our cash exports for oil imports by billions and that stimulates our economy.
Yet, the domestic oil boom has coincided with the years of the highest oil prices, because oil remains priced in global markets, unlike the regionally priced natural gas where booming domestic supply has crashed the gas price.