Historic energy milestone: US oil output surges to new record highs reflecting America’s deep pools of ingenuity, risk taking and entrepreneurship

Historic energy milestone: US oil output surges to new record highs reflecting America’s deep pools of ingenuity, risk taking and entrepreneurship, by Mark Perry.

The historic and economic significance of the record high oil output goes beyond just reaching a new energy production milestone….

It also reveals important lessons about American-style capitalism and the American ‘petropreneurs’ who risked their reputations and fortunes, and spent decades trying to “crack the shale code” that finally allowed them to extract oil and natural gas trapped in shale rock miles below the ground when everybody, including the large oil and gas companies, thought that was a crazy and futile exercise.

America’s amazing shale revolution also happened completely independently of any planned government energy policy, and largely without any taxpayer subsidies or government mandates that other more politically-favored energies have received, like solar, wind, and ethanol.