Drill, baby, Drill!!
""U.S. oil production grew more in 2012 than in any year in the history of the domestic industry, which began in 1859, and is set to surge even more in 2013.
Daily crude output averaged 6.4 million barrels a day last year, up a record 779,000 barrels a day from 2011 and hitting a 15-year high, according to the American Petroleum Institute, a trade group.
It is the biggest annual jump in production since Edwin Drake drilled the first commercial oil well in Titusville, Pa., two years before the Civil War began.
The U.S. Energy Information Administration predicts 2013 will be an even bigger year, with average daily production expected to jump by 900,000 barrels a day.
The surge comes thanks to a relatively recent combination of technologies--horizontal drilling and hydraulic fracturing, or fracking, which involves pumping water, chemicals and sand at high pressures to break apart underground rock formations.
Together, they have unlocked deposits of oil and gas trapped in formations previously thought to be unreachable.
That has meant a resurgence of activity in well-established oil regions, such as West Texas's Permian basin, as well as huge expansions in areas that had been lightly tapped in the past, such as North Dakota's Bakken shale region.
The Bakken has gone from producing just 125,000 barrels of oil a day five years ago to nearly 750,000 barrels a day today.
The benefits of the surge in domestic energy production include improving employment in some regions and a rebound in U.S.-based manufacturing.
"At a very basic level this surge is creating jobs and wealth that didn't exist before," said Michael Levi, a senior fellow for energy and the environment at the Council on Foreign Relations.
It has also provided the county with greater defense against overseas turmoil that can disrupt energy supplies.
"The events in Algeria this week, for example, show the importance of having rising production from within the U.S. and other countries," said Amy Myers Jaffe, the executive director of energy and sustainability at the University of California Davis.
The shale drilling boom was first directed at natural gas production, but when a glut of natural gas drove down prices for the fuel, exploration companies redirected their efforts toward oil.
Amid a sluggish economic recovery and tightening fuel-economy standards for U.S. cars and trucks, oil demand fell to a 16-year low in 2012, according to the trade group. Total oil imports for the year fell by 6.9%, to a 15-year low, API said.""
But here's 10 more signs of an improving economy. Not that you poor people would understand.
10-Rise in Expensive Equipment Sales
9-Housing market improving
8-Advertising Sales Are Growing
7-Factory Production is Increasing
6-Record Corporate Profits
5-The Recovery of Retail Sales
3-Jobs are Gaining Slowly
2-The Weak Dollar
1-Economists Say Its Improving
It's your diabetes causing your depression. Seek professional help.
Unemployment went up and has just now come back to the same number when he was inaugurated (8.0%), the federal debt went up 51%, the number of long term unemployed almost doubled, the average middle-class income went down and Americans in poverty increased by 6.5 million people.
The Gallup Daily tracking of the P2P rate for the 30 days ending on Jan. 15 suggests that the U.S. job market is getting worse in January.
Unemployment is expected to rise in 2013.
U.S. Jobless Claims Rise to 372,000 In Week
But maybe you have some good news to share?