Four decades ago, the Arab oil embargo consigned Americans to gas
lines. Odd-even rationing became routine, and everyone with a passing
interest in energy policy heard regular predictions that the planet was
nearing “peak oil.”
We’ve been told forever that we’re “running out of resources,” that we’re facing a future of shrinking options, that we’d better change our ways and oh, by the way, our friends in the green movement will tell us exactly how our ways must be changed.
Which is why last week, the greens no doubt reacted in horror at the International Energy Agency’s latest forecast on oil production.
Forget about peak oil. What the future portends is energy abundance. Within eight years, the IEA says, the United States will overtake Saudi Arabia as the planet’s largest oil producer. All those predictions about running out? The ever-gloomy greens ignored the most important resource-production factor of all: human ingenuity.
New drilling techniques involving hydraulic fracking have produced a gusher of oil and natural gas from shale formations in several states including Kansas, but mainly in Texas, North Dakota, Ohio and Pennsylvania. The boom has added tens of thousands of new jobs and more revenue for state, local and federal government.
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We’ve been told forever that we’re “running out of resources,” that we’re facing a future of shrinking options, that we’d better change our ways and oh, by the way, our friends in the green movement will tell us exactly how our ways must be changed.
Which is why last week, the greens no doubt reacted in horror at the International Energy Agency’s latest forecast on oil production.
Forget about peak oil. What the future portends is energy abundance. Within eight years, the IEA says, the United States will overtake Saudi Arabia as the planet’s largest oil producer. All those predictions about running out? The ever-gloomy greens ignored the most important resource-production factor of all: human ingenuity.
New drilling techniques involving hydraulic fracking have produced a gusher of oil and natural gas from shale formations in several states including Kansas, but mainly in Texas, North Dakota, Ohio and Pennsylvania. The boom has added tens of thousands of new jobs and more revenue for state, local and federal government.
Read Full Article>>