The United States is now producing more of its own oil. Plus, it's getting more from Canada, Mexico and Brazil.
The other side of the Propaganda coin is "America is going to run on Frac Gas".
I gotta tell ya... sometimes I think I am the only normal person left.
Here is a historical graph of Nat Gas production from the U.S. Department of Energy. There is good news here. The good news is that it is extremely unlikely that Nitrogen fertilizer supply shortages will lead to a severe food shortage (had Fracking not worked out so well, and conventional Nat Gas production continued its decline, that outcome was an entirely reasonable outcome to worry about. If you are unfamiliar with the relationship between Nat Gas and Fertilizer, and Fertilizer and Food production please feel free to Google). There is also good news for the costs and availability of space heating fuel in the U.S., the environment, and the cost of electrical generation.
With all of that good news - how did the U.S. economy do? Do we have Nat Gas infrastructure for the installed auto fleet? Has all of that Nat Gas production increase replaced coal? (Think about that for a moment... when Nat Gas replaces all coal for electricity generation you will know that the Nat Gas glut is a permanent fixture and solution to the American Energy Crisis.) Can the production companies turn a profit from Fracking at these prices? How about double these prices? If not, stand by and watch the bottom fall out of Nat Gas production.
(The market will move equipment and make investment where there are profits to be had. If Fracking Nat Gas is profitable, why are the number of rigs drilling for gas plummeting?)
Wall Street, the Office of Management and Budget, the Federal Reserve, the IRS, and a few other massive institutions are in need of the above mentioned propaganda, and they have done a masterful job of "kick the can" over the past 4 years. Yet the American economy is still moribund and 1/6 of its citizens requires food assistance from the Federal Government - nearly double the rate of just 5 years ago.
I find it hilarious that U.S. policy makers are taking credit for the U.S.'s soon to be status as "Energy Independent! That circumstance had nothing to with anything the U.S. - and everything to do with the fact that Oil Exporting Nations are running out of available Oil to export. Peak Oil Imports (if not Peak Oil) is killing Europe and slapping the U.S. economy around - it could have been a lot worse. Increases in Ethanol and Tight Oil supplies helped the U.S. avoid Europe's fate (so far), me thinks. Maybe exponential growth in wind and solar will make up the difference in time - and maybe not. So far, I would have to bet the "Don't Pass" bar on that one - but I reserve the right to change my mind in a freaking instant if the data changes.
More soon (on the economic outcomes resulting from that input).