Lying drips

The bottom line from this story, is not surprisingly buried near the bottom line of the article.

The new oil production coming on line is eerily similar to the pronouncements of new US jobs every month. If you look at what's balanced against the creation of new jobs, you will find that the number of fresh-meat workers into the workforce grows just as fast, if not faster.

So to does the decline of existing oil fields need to be balance against the new ones coming on-line. Given the penchant of Republicans for skewing the numbers constantly (see Krugman or DeLong), it may be years before any politician owes up to the net oil production decline, just like they will never mention the dismal net job growth conditions.