It was not so long ago that America’s energy dependence was widely believed to be the most serious threat to our economy and our national security. According to the Department of Energy, in 2004 the U.S. was importing 55% of its oil needs of approximately 20 million barrels per day, and the amount reached 60% … Read more
Arguably the most important economic discovery on American soil was the first successful oil well ever drilled. In 1859 “Colonel” Edwin Drake and his backers succeeded in producing approximately 20 barrels of oil per day at a depth of 69 ½ feet, almost overnight changing the quiet farm community in western Pennsylvania into a … Read more
Saudi Arabia has long been the dominant producer of petroleum on the planet. Nature endowed the Arabian Peninsula with gigantic deposits of this vital source of energy. Many of us have lamented the quirk of nature that placed much-needed oil in the most geopolitically unstable region in the world. Although Saudi Arabia is the … Read more