In just three short years, oil production in the United States has nearly reversed a 20-year-long production decline. Since 2010, domestic oil production has increased from a low of 4.5 million barrels a day to about 7.5 million barrels a day. Since summer 2011 alone, U.S. crude production has increased 2 million barrels per day.
A few short years ago, many analysts argued that oil was nearly tapped out and America needed to plan for a post-petroleum future.
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Burnett is a senior fellow with the National Center for Policy Analysis, a nonpartisan, nonprofit research institute with offices in Dallas and Washington, D.C.