University of Michigan economics professor and American Enterprise Institute scholar Mark J. Perry has posted two graphs showing just how far America’s fossil fuel production has come.
First, production is at an all-time high — nearly 62 quadrillion BTUs, an increase of about 12 per cent from 2005.
That’s enough to meet approximately 13 per cent of the entire world’s energy needs, according to the Department of Energy.
Perhaps more importantly, we haven’t enjoyed this degree of energy self-sufficiency since the 1990s, according to his second chart:
Photo: Mark J. Perry
This weekend, Standard & Poor’s said the Marcellus shale formation could contain “almost half of the current proven natural gas reserves in the U.S,” the AP reported.