The U.S. oil boom has put European refineries out of business and undercut West African crude suppliers. Now domestic drillers threaten to roil Asian markets and challenge producers in the Middle East and South America.
Environmentalists opposed to the Keystone XL pipeline are expanding their fight against imports of Canadian heavy crude oil by trying to block rail projects that offer another way for it to enter the U.S.
TransCanada Corp.’s Keystone XL oil pipeline, a project backers including Republican Presidential candidate Rick Santorum say will create cheaper U.S. gasoline, instead risks raising prices as much as 20 cents a gallon in the Midwest, Great Plains and Rocky Mountains.
Four years ago, Barack Obama pledged to promote a green revolution, saying the government would back alternative-energy technologies that could create 5 million jobs and free the U.S. from a dependence on overseas oil tyrants.
On the eastern bank of the Mississippi River, about an hour upstream from New Orleans, the outline of Nucor Corp.’s new $750 million iron-processing plant is rising between fields of sugar cane and sweet gum trees.
The U.S. is the closest it has been in almost 20 years to achieving energy self-sufficiency, a goal the nation has been pursuing since the 1973 Arab oil embargo triggered a recession and led to lines at gasoline stations.