It is interesting to watch as the oil industry in this country provides President Obama his greatest gift. Unless Obama and his EPA find a way to stop fracking on private lands, estimates show the USA could out-produce Saudi Arabia in oil production by 2015.
US consumers are benefitting with the lowest natural prices in decades. If oil and gas production continues unabated, the US will be free of all oil dependency outside of North America meaning Canada and Mexico.
States where production is occurring are benefitting with increased revenue, increased employment, and more spending.
Jobs, high paying union jobs, in oil production is giving the economy a much needed boost.
It’s ironic that a president ,who would stop this if he could, may find the very thing he detests lifts the US economy and saves his presidential legacy. If we come out of our economic downturn, it will be Obama who made it happen, not big oil.
