Net oil imports to the U.S. could fall to zero by 2037 because of robust production in areas including North Dakota’s Bakken field and Texas’s Eagle Ford formation, according to a government projection released today.
Soaring gasoline prices have eroded President Barack Obama ’s job-approval ratings and exposed him to political attacks even as futures markets, the chairman of the Federal Reserve and some analysts say prices may soon peak.
U.S. gasoline prices at the pump, headed to $4 a gallon in April, are dropping toward $3 as the July Fourth holiday approaches, giving consumers relief and a boost to President Barack Obama’s re-election campaign.
When Daniel Lacalle, in his early 20s, took a job with Spanish oil company Repsol YPF SA in 1991, friends chided him for entering a field with no future. "They all said, 'Why do you want to do that? Don't you know only 20 years of oil is left in the whole world?'" he recalls.