It’s hard to overstate just how serious a threat our energy crisis is to every aspect of our current way of life. But the problem is hidden from view by oil and natural gas production numbers that look and feel just fine.
It’s true: U.S. crude oil production has increased from about five million barrels per day to nearly 7.75 mb/d over the past five years (we still import over 7.5 mb/d). And American natural gas production is at an all-time high. But there’s a problem. We’re focusing too much on gross numbers. (The definition of gross I have in mind is “exclusive of deductions,” as in gross profits versus net profits, though other definitions apply here, too.) While these gross numbers appear splendid, when you look at net, things go pear-shaped, as the British say.