The “Oil Abundance” Narrative is Wrong
A mixture of oil, diesel fuel, water and mud sprays as roughnecks wrestle pipe on a True Company oil drilling rig outside Watford, North Dakota, October 20, 2012. Picture taken October 20, 2012. REUTERS/Jim Urquhart America has moved from oil scarcity to oil abundance, and our attitudes need to change in order to keep up. If the stream of headlines and panels is any indication, you’d have to be an idiot to disagree with that claim. So call me stupid, because I just don’t see it. There’s no question that U.S. oil production is booming. The country has passed Saudi Arabia as the world’s biggest liquid fuels producer and is now producing more oil than it imports. The rise in U.S. output, which is poised to continue, is good news for the economy and national security. It’s also something that leaders need to adjust to as they develop policy and strategy. But setting production records and passing milestones is fundamentally diff...