First off, the Energy Information Agency’s “This Week In Petroleum” (TWIP) report shows the highest commerical-industrial petroleum “stocks” or inventories EVER recorded, at 440+ million barrels. See chart below, straight from the EIA’s TWIP report 3/4/2015. The blue line in this chart is an IMMENSE anomaly versus the grey band which shows the average 5-year high and low band of such inventories. ALL of this immense anomaly is due to fracking in only three oil-bearing formations:
Bakken Field, North Dakota
Eagle Ford Field, south Texas
Permian Basin shales, west Texas.
That’s it. America’s “conventional” (non-fracked) oil and gas fields have already hit “peak oil” production. ALL of the over-production we’re registering is fracked oil. ALL of it. Got that?
Secondly, does this mean the USA has achieved “Independence Day” from “foreign” oil?
No, hell no. The following chart, from the same TWIP report, shows total petroleum consumption per day in the USA during the period measured (3/4/2015). It is posted in barrels PER DAY. It is reported at 19.6 million barrels a day. Now, since the U.S. is producing 9.2 million barrels of crude + condensate (an inferior form of oil with a lot of volatile components), you can see that the USA is still IMPORTING over HALF our petroleum consumption.