New Oil Isn't Quite the Transformation the NYT Implies

The NYT implied that shale oil production and new oil sources elsewhere in the western hemisphere will transform oil production and use in the United States. For example, it notes that production from shale oil could exceed 2 million barrels a day by 2020 and then adds:

"The United States already produces about half of its own oil needs, so the increase could help it further peel away dependence on foreign oil."

Actually, this oil will largely replace declining yields from older fields in...