The importance for capital to constantly revolutionize the means of production as evidenced by the expected expansion of oil and natural gas production in the US

According to reports by the International Energy Agency the USA is expected to be the world's largest producer of oil by 2017 and therefore overtake Saudi Arabia. This is significant because the US is expected to  be producing over 10 million barrels of oil per day by then and by 2020 this will supposedly increase to 11.1 million barrels. The US is then expected to be a net exporter by 2030 thereby reestablishing the dominance it held from the mid nineteenth century through to the mid  twentieth century. It will supposedly be self sufficient by 2035. It currently imports 20% of its oil.  Natural Gas production is also expected to increase. All of this is speculation and will help to stabilize the markets particularly investment prospects in Americas national economy. This is not based on the extent of its reserves now in existence but on a new method of production where by oil and gas are extracted from shale rock which would allow the US oil companies to expand the amount of oil in reserve particularly those reserves that can be reached. New techniques, according to the New York Times, such as hydraulic fracturing and   horizontal drilling have allowed them to access these new reserves. Obama, in the 2nd  presidential debate, foolishly tried to attribute this development to policies associated with his government.

This is good for American capitalism and capital as a system that dominates the world because this system can only survive by constantly revolutionizing the means of production. In other words improvements in scientific methods associated with technology and the growth in the extent that machinery can enhance itself with the capability of expert wage labourers (engineers etc). This is a victory for capital because technology and the extraction of raw materials for a cheap cost will delay the expected fall in the rate of profit particularly for industrial capital that relies significantly on oil to keep the engines turning. Oil forms a significant part of its constant capital. The cheap cost will make it more likely for a capitalist to invest within America and make the rate of profit higher than it currently would be because of the high prices that exist today. The report never considered that demand will probably triple by then with a world population increase being inevitable and so it never considered the extent that this increase in production will be relative particularly as the poor, gutter countries come more in line with the principles of industrial capital. This is still an example of how capital continues to delight its followers and sycophants that believe in its eternal conception as a system of production.A new method of production puts brakes on those that predict its impending collapse as a system. This is why people are so blinded by improvements in the means of communication through the internet, smartphones, tablets, blogging sites, Facebook  systems for interface etc. All improvements are supposed to improve the turnover of capital from the sphere of production to circulation where goods are exchanged in the market and then back to production. P-C-P. Improvements in technology are what keep the system moving onward or else it will stagnate with the inevitable result being a contraction in the economy. The constant valorization of capital is the goal here and only the oil companies stand to benefit from the profits however more jobs should be had for those out of work engineers who are compelled to sell their labour power.Without constant valorization  or the increase in production then capital stagnates and falls and devalorisation makes the system crumble with the result being anarchy among the citizenry.   If this improvement in the oil industry of America did not occur then increases in demand without an increase in the means of producing to meet that demand would mean that the  US would have to continue being a net importer. Within the context of the world economy that is increasingly becoming dominated by capital this development is not particularly significant because oil is there to be consumed. Wherever oil is there to be produced capital will attach itself to it i.e the exploitation of wage labour which provides the surplus value for capital. The US is not the world's only producer; if it was then this would be truly a significant development. This is only significant for the American economy and investment opportunities within its borders. The more significant issue is how capital continues to revolutionize itself so as to accumulate profit by revolutionizing how it produces for consumption in the market and therefore keeping the system going. The current mode of production has then been enhanced so as to expand market share for capital located within America.

This only delays the inevitable.