GAS PRICES FACT: Domestic Oil Production Has Soared Under President Obama | The number of oil drilling rigs in the U.S. hit a record last week, having quadrupled in number over the past three years. Between oil and gas drilling rigs, the U.S. now has more rigs at work than the rest of the world combined. The current oil boom has buoyed the projections of some leading oil industry analysts:
“It’s staggering,” said Marshall Adkins, who directs energy research for the financial services firm Raymond James. “If we continue growing anywhere near that pace and keep squeezing demand out of the system, that puts you in a world where we are not importing oil in 10 years.”
This fact was first featured in the ThinkProgress Progress Report: “Five Facts About Gas Prices.”
Attempting to rejuvenate his flagging presidential campaign, Newt Gingrich has restarted his Drill Here, Drill Now, Pay Less petition, claiming more drilling will bring $2.50 gas.