For the third year in a row energy played a central role in President Obama’s State of the Union address, with the president leaning hard this year on the twin themes of increased domestic oil and gas production and the need to invest more in renewable sources.
“Right now, American oil production is the highest that it’s been in eight years,” said Obama. “Not only that — last year, we relied less on foreign oil than in any of the past sixteen years.”
Obama has indeed presided over a boom in domestic energy production since taking office.
From 2008 to 2011 U.S. crude oil production has jumped 14%, going from 5.1 million barrels per day at the start of 2008 to nearly 5.8 million barrels per day currently, according to the U.S. Energy Information Administration.
President said he stood behind increased development of natural gas, but said he will require the full disclosure to all the chemicals energy companies use in the fracking process when done on public land. “America will develop this resource without putting the health and safety of our citizens at risk,” he said. MORE …