This has decreased gas prices for consumers while increasing the volume of business for oil industry producers. It has also helped the country decrease its dependence on foreign oil, which many see as a fortunate happenstance given the most recent troubles brewing in the Middle East, particularly in and around Syria.
However, a recent news article from TIME magazine explains that just because the United States is now less dependent on Middle Eastern oil, does not mean it is totally independent. The article's statistics report that the United States still imports 36 percent of its oil from overseas as opposed to 60 percent in 2006. But, as oil industry engineer Joseph R. Mathewson points out, this means that more than one third of the nation's demand for oil still needs to be met by foreign oil producers.
"The number may have dropped, but it's still an impressive amount," says Mathewson. "We're closer to the 1975 President Jimmy Carter stated goal of "energy independence," but we haven't reached it yet. Until we do, it wouldn't be wise to discount our remaining dependence on foreign oil, no matter how diminishing it may be."
According to the article, United States involvement with the issues currently facing Syria and the turmoil in the Middle East will likely mean a massive hit to consumers via the price of gas at the pump. The price of oil is already sitting at $115 a barrel, says the article. Involvement with Syria could easily see this price rise to above $120 a barrel, and perhaps even higher than the record $147 a barrel that crude oil saw in 2008.
"The American oil boom has brought plenty of benefits with it, not least of which are the economic ones. Unfortunately, due current policies of President Obama and his Administration the U.S. has yet to see a real reduction of our fuel dependency and receive the full benefit of our newly discovered oil and gas resources.," says Joseph R. Mathewson, "and until the government gets out of the way, opens up Federal Lands and offshore oil leases, and approves the construction of the Keystone and other critical pipelines, the situation regarding our imports of foreign oil is still going to impact our energy situation here at home." The U.S. is on the cusp of being a truly energy independent by 2016 and could be much sooner if the government would simply be proactive in supporting the oil & gas industry to do what it does best - find and develop our U.S. oil reserves on private and public lands and offshore.
ABOUT:
Joseph R. Mathewson currently works with Diversified Project Services International Inc., a planning, engineering, design and project management company providing services to the oil and gas industry. He serves as Vice President of Operations and his responsibilities involve overseeing the engineering, design, permitting and construction of a variety of projects that increase the oil and gas production of their clients. Prior to this position, Mathewson spent almost three decades of service to the United States military on both active duty and finally retiring as a Colonel in the Army National Guard. He has also served in senior management positions for several large international engineering and construction firms managing large projects in the fields of mining, construction, environmental remediation, and engineering. In addition, Mathewson and his brother co-own a vineyard and olive ranch in the rolling hills of Paso Robles, CA. Here they produce a very high quality Extra Virgin Olive Oil and have recently launched their own wine label.
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