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A view of the Exxon Mobil refinery in Baytown, Tex.
A view of the Exxon Mobil refinery in Baytown, Tex.
(Jessica Rinaldi/Reuters)

U.S. energy boom firing on all cylinders for 2014

It is amazing how fast U.S. energy production has gained traction in our imaginations. One minute, the country is talking up a need to move toward energy independence; the next, it is on the verge of becoming the world’s largest oil producer, according to the International Energy Agency.

James Hamilton at Econbrowser highlights the transition this way: Just eight months ago, the U.S. Energy Information Administration estimated that crude oil production from “tight formations” (accessed through fracking) would total 2.3 million barrels a day in 2013; now the EIA is estimating production of 3.5 million barrels a day this year.