Few know that US oil imports have declined from 60% to 47% since 2005 or that North Dakota will surpass soon Alaska to become the second biggest oil producing state.
Still fewer would accept that the odds are high that America will be free of foreign oil by 2025. How so?
A combination of rising US oil production, booming biofuels, increasing use of natural gas and electricity to power vehicles, and sharply higher fuel efficiency standards make US oil independence by 2025 highly probable.
North Dakota is the curtain raiser on the tight oil revolution with many more shows on the way in other states. North Dakota produces more than 440,000 barrels per day and may soon reach 700,000 barrels.
Declining oil imports will lower the US trade deficit, since oil is the single biggest import. A lower trade deficit will increase US economic growth and raise employment.
Will we use the good energy news ahead to avoid repeating the energy policy mistakes made since the first oil embargo in 1973? Or will the good energy times ahead put us back to sleep and on the road to another rude awakening?