Friday, March 23, 2012

Energy independence, here we come!

Good news in today's NYT lead story: the US is actually becoming more energy independent.  In 2011 we imported 45% of our liquid fuels, down from 60% six years later.  The reasons are economics 101: more supply and less demand.  Production is up because of technological advances and incentives created by higher prices (drill, baby, drill).  Demand is off because of the recession and, yes, incentives created by higher prices (drive less, buy a more energy efficient vehicle, move closer to work).  

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