Republican presidential candidate Mitt Romney has released his energy plan that loosens environmental regulations, expands coal production and the amount of domestic oil drilling. The plan also will achieve energy independence for North America by the year 2020 said Romney.
Romney released his energy plan during a stop in New Mexico at a truck warehouse. He said the plan had a real and achievable objective. While much stress was placed on independence, the plan heavily relies on Mexican and Canadian imports, two of the biggest producers of oil in the world. Hence, he used North American before the words energy independence.
The U.S. produces close to 67% of the oil it needs to meet demands, said Romney. He showed on one of his graphs conventional sources, meaning the current wells in the U.S., then detailed the places that oil production would be expanded under the plan he proposes.
He said the plan would produce over 2 million more barrels daily from offshore drilling and 2 million more barrels daily in tight oil. Tight oil comes from locations where fracking technology is needed. He mentioned North Dakota’s Bakken range and other sources located in New Mexico.
He said the U.S. would look to Canada and its oil sands and build a pipeline. In addition, in Mexico his plan calls for an increase in production of Mexico oil because lately the production levels have been dropping.
Romney said that his plan will produce up to 28 millions of oil daily by 2020 and the U.S. would no longer have to buy its oil from Venezuela or the Middle East. That figure of 28 million per day includes imports from Mexico and Canada.