By the end of this year, the drilling boom will have produced more than 1 million barrels of crude oil per day.
And that’s not counting the amount of waste that’s spilled in the Gulf of Mexico during a week when the U.S. was hit with record-breaking amounts of pollution and record-high temperatures.
And the boom is only going to get bigger.
According to the Environmental Protection Agency, the U,S.
oil industry has spent $14.7 billion so far this year on drilling, but that number will increase to $20 billion by 2019.
The boom is so powerful that even oil companies that have been quiet for years like ExxonMobil, Chevron and BP have been snapping up drilling rigs.
With the boom in oil drilling, the price of oil is now more than five times higher than it was in the late 1990s.
But it is also taking a big bite out of the pockets of ordinary people and families in the United States.
“People are seeing that the prices have gone up, but they don’t realize that they are being taxed at an ever-higher rate,” said Mark Barden, a senior policy analyst at the New America Foundation, which studies energy policy.
“The price of a barrel of oil went up more than $2,000 a barrel last year, and it is still over $100 a barrel, so it is not sustainable for most families to be paying more in taxes than they are taking in.”
It’s a trend that many Americans are not willing to acknowledge, even as oil prices continue to rise.
“We are going to be taxed at a higher rate than the rest of the developed world in the next decade.
I think we are going have to rethink how we spend our money,” said Sarah Schulz, a 24-year-old graduate student at the University of North Carolina at Chapel Hill.
“We need to invest more, invest in infrastructure.
But the price has gone up so much.
It is so unfair.”
In April, Congress passed a $2 trillion tax cut package, which includes a massive increase in the top marginal tax rate, the lowest rate on high earners.
But many people still do not realize that their taxes will be even higher, as President Donald Trump has promised to double the top tax rate on the richest people in the country.
“I don’t know how people can live off that kind of money,” Schulz said.
“They don’t need to work anymore.”