Here’s Why The U.S. Energy Revolution Has Proven Skeptics Wrong
A Barron’s story sent shares of oil and gas equipment company Schlumberger Limited.(NYSE:SLB) higher Monday as the company focuses more of its efforts on the North American energy market. Meanwhile, the Energy Information Administration recently reported that U.S. crude oil production in July was the highest since April 1987. Greg Zuckerman, a reporter at The Wall Street Journal and author of The Frackers: The Outrageous Inside Story of the New Billionaire Wildcatters, sat down with us to talk about where we are in the U.S. “energy revolution.”
“What I find interesting is we’ve had a tremendous amount of production, and there have been skeptics out there saying it’s going to slow down at some point, and it’s only ramped up,” Zuckerman tells us, noting that the U.S. now produces 8.5 million barrels of oil a day compared to 5 million barrels a day five years ago.
Business Insider points out that the U.S. shale boom exploded just as the domestic economy was at its lowest point in recent history. Charles Schwab’s Liz Ann Sonders argues that we still need fracking’s benefits for future growth and to maintain competitiveness in manufacturing worldwide.
You can see the full “Yahoo Finance” segment below: