Bustin’ Up Bottlenecks
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  • Corlyss

    Friday 4 October 2013 / Hour 3, Block D: Liz Peek, The Fiscal Times, in re: While President Obama continues to tilt for windmills, rising oil and gas production has showered his administration with unexpected benefits. Those producers inadvertently include his arch enemies—the Koch Brothers. How deliciously ironic it is that the oil industry – consistently scorned by this president – has been one of the most potent economic drivers of this recovery, the biggest contributor to an improving balance of payments picture and has provided Obama significant leverage in digging out of his difficulties in the Middle East. President Obama and fellow members of the flat earth society, who many years ago wrote off the future of conventional energy resources, must be stunned. The president has noted more than once that “we are running out of places to drill” and that “we have only 2 percent of the world’s oil reserves.” What a surprise, then, that the U.S. is on track to become the world’s largest oil and gas producer, likely overtaking Russia this year. As noted recently in the Wall Street Journal, because advancements in horizontal drilling and fracking made huge new reserves economic, domestic production of natural gas last year was an all-time high–up 13 percent over the 2010 level, and 27 percent higher than output in 2002. In July, gas production was 56 percent higher than the recent monthly low recorded in September 2005. Similarly, oil output, which had declined steadily since 1970, turned up in 2010, and has increased 27 percent over the past five years, laying to rest the once-popular notion that we are running out of the stuff. That, my friends, is progress. . . .


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