Skip to comments.Saudi America. The U.S. will be the world's leading energy producer, if we allow it.
Posted on 11/13/2012 6:25:21 AM PST by SeekAndFind
Sometimes the revolution politicians seek isn't the one they get. Consider the ironyand the opportunityin Monday's report that the U.S. is likely to surpass Saudi Arabia as the world's largest oil producer as early as 2020.
In its annual world energy outlook, the Paris-based International Energy Agency (IEA) says the global energy map "is being redrawn by the resurgence in oil and gas production in the United States."
The U.S. will increase its production to about 23 million barrels a day in 10 years from about 18 million barrels a day now, the IEA predicts. That's more optimistic than current U.S. government estimates and a change from a year ago when the IEA said Russia and the Saudis would vie for number one.
As readers of these pages know, the key to this U.S. energy boom has been technological innovation and risk-taking funded by private capital. Specifically, the private oil and gas industry pioneered the use of horizontal drilling and hydraulic fracturing (or fracking) to tap unconventional deposits such as shale that once were technologically out of reach. It also wouldn't have happened if the industry wasn't able to drill on private land, free from federal regulation.
This is a real energy revolution, even if it's far from the renewable energy dreamland of so many government subsidies and mandates. In his 2007 State of the Union, George W. Bushthe Oil Man President of liberal mythsaid America was "on the verge of technological breakthroughs that will enable us to live our lives less dependent on oil."
(Excerpt) Read more at online.wsj.com ...
Quiet. Don’t say anything the government will come in and destroy it.
My admittedly contrarian view on this is....it may happen.
Expanded energy production will produce the added revenue needed to drastically expand spending on social programs. That’s what has kept Saudi Arabia (and, to a degree, Canada) afloat for many years.
Now that Obama does not need to worry about elections, he is free to toss his enviro allies under the bus and solidify Democrat gains by growing the government. And petro revenue may play a key role in this.
He may throw up a few more wind turbines so they can all feel good about themselves driving down the highway. But behind it all he may indeed be drilling and building pipelines in order to prop-up bigger government.
Energy producer ? Throw in coal and it’s hands down.
oh wait....Can I say the “C” word ?