U.S. has huge oil reserves so let's expand to new export markets
By William F. Shughart II
If someone had suggested even a few years ago that vast amounts of oil in the United States have yet to be tapped and that energy companies could be exporting crude oil to global markets instead of importing it, the idea would have been dismissed as fantasy.
But now it's time to entertain the possibility that U.S. oil reserves are very large — and, with new discoveries continuing to change the energy calculus, they are almost certain to grow larger in the years ahead. Thanks to deep water drilling using advanced seismic imaging and a revolution in shale production that's yielded an abundance of oil and natural gas, the era of domestic energy scarcity is over.