"Re-election Drill" - In the last quarter the US produced six million barrels of conventional and unconventional oil a day.

                                            Photo By pp cam/ks/AFP Graphic.
       Oil demand down for North America and Europe, must be the economy "DOING FINE"



"Re-election Drill" - In the last quarter the US produced six million barrels of conventional and unconventional oil a day.(Yahoo).The United States is seeing a dramatic surge in oil and gas production and could overtake the world's biggest producers, Russia and Saudi Arabia, in another decade, a US official said. "Some of the numbers are eye-popping," Daniel Sullivan, commissioner in Alaska's department of natural resources, told a panel of experts at the International Economic Forum of the Americas in Montreal. In the last quarter the US produced six million barrels of conventional and unconventional oil a day, he said, adding: "We haven't done that in 15 years." Since 2008, the US added 1.6 million barrels of additional oil, and in 2011, the US registered the largest increase in oil production of any country outside of OPEC, he told hundreds of participants. In Alaska alone, the potential off the coast was viewed as the largest of any country, about 40 billion barrels in conventional oil, according to the US Geological Survey. US President Barack Obama has indicated that offshore oil resources could help mitigate global disruptions in supply, and his administration has tried to craft an energy strategy that balances business interests with environmental concerns, especially in the Arctic. In November the Obama administration proposed a new plan for offshore oil and gas leases in the Gulf of Mexico and off the coast of Alaska, including the environmentally sensitive Arctic. But it did not open up for exploration the politically sensitive Atlantic or Pacific coastlines, or the eastern Gulf of Mexico along the Florida coast. The chairman of the World Energy Council drew a more somber global picture. Pierre Gadonneix said the economic crisis meant energy demands had slowed down, even though they were starting to grow again, and that oil prices remained high. "Future growth is threatened by the prospect of climate change and the drain on our natural resources," he said, adding the main challenges would be to improve the security of energy supply, to improve competitiveness and to struggle against "energy poverty."Hmmmm.....Why the sudden increase in the last quarter?Trying to lower the Gasprices for Election day?Read the full story here.