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Back in April 1977, President Carter warned that “the oil and natural gas we rely on for 75% of our energy are running out.”
In response to the perceived energy supply shortages, he wanted to limit the annual growth in overall U.S. energy usage, force American consumers to lower their gasoline consumption and demand that U.S. citizens make other sacrifices that were deemed necessary to avoid a catastrophic energy future.
With nearly 40 years of hindsight it is clear that global energy supplies were not running out as Carter feared. In fact, global oil supplies grew over 40% since his dire prediction, and global natural gas supplies have more than doubled.
Thanks to the fracking revolution, oil and natural gas reserves in the U.S. have increased by 30% and 90%, respectively. Some believe, because of the fracking revolution, that the U.S. could actually become a net exporter of oil.