Selling The Oil Illusion, American Style

Tuesday, November 15, 2011
By Paul Martin

by Chris Martenson

“The task of the real intellectual consists of analyzing illusions in order to discover their causes.” ~ Arthur Miller

US production of crude oil peaked in 1970 at 9.637 mbpd (million barrels per day) and has been in a downtrend for 40 years. Recently, however, there’s been a tremendous amount of excitement at the prospect of a “new era” in domestic oil production. The narratives currently being offered come in the following three forms: 1) the US has more oil than Saudi Arabia; 2) the US need only to remove regulatory barriers to significantly increase production; and 3) the US can once again become self-sufficient in oil production, dropping all imported oil to zero.

Let’s first take a look at over 70 years of US oil production.


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