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After the Deepwater Horizon oil spill in 2010, the Obama administration issued a six-month moratorium on oil drilling permits for new projects. Since then, new projects take longer with more stringent rules and regulations. Consequently, in 2011, according to the Institute for Energy Research, oil production on federal lands fell to 11 percent from 2010 levels, while oil production on private and state lands increased by 14 percent. As per EIA estimates, oil production from federal waters in the Gulf of Mexico would increase in 2013, but not to the levels prior to the accident in 2010. To make a comparison: The Gulf of Mexico was producing about 1.71 million barrels of oil per day before the moratorium and about 1.09 million barrels per day after the moratorium.

When oil prices soared in 2008, President Bush and the Congress allotted additional federal lands for oil exploration. Despite those plans, according to the Institute of Energy Research, the federal government leases 'less than 2.2 percent of federal offshore areas' and less than six percent of federal onshore areas. Also, soon after taking office for a second term, the Obama administration closed off 1.6 million acres of Western US territory originally meant for oil shale and tar sands. In other words, the shale oil production is mainly on state and private lands. The Congressional Research Service believes that almost 96 percent of the increased oil production in recent times was produced on state and private lands.

Of course, if not for the shale bloom, the oil prices would have gone through the roof with similar results for unemployment figures. As per existing laws, the oil produced domestically cannot be exported, thus the possibility of even lower oil prices. Should the government open the market for exports, the oil prices will see a revision. However, it'll take another decade at least, for the US to become a major gas exporter. In terms of energy security, from a futuristic point of view, shale will reduce the US dependence on oil from the Middle-East, Nigeria and Venezuela.

http://oil-price.net/en/articles/american-oil-revolution.php

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