Sunday, September 7, 2008

What OIL Crisis?


With the United States sitting on over 2 TRILLION barrels (more than the entire world has used, to date) of shale oil, we are NOT looking at anything like “peak oil,” we’re looking at the natural and necessary transition to newer and more modern technologies for oil procurement and use.

The U.S. Department of Energy recently stated, “The vast extent of U.S. oil shale resources, amounting to more than 2 trillion barrels, has been known for a century. In 1912, the President, by Executive Order, established the Naval Petroleum and Oil Shale Reserves. This office has overseen the U.S. strategic interests in oil shale since that time. The huge resource base has stimulated several prior commercial attempts to produce oil from oil shale, but these attempts have failed primarily because of the historically modest cost of petroleum with which it competed. With the expected future decline in petroleum production, historic market forces are poised to change and this change will improve the economic viability of oil shale.

“It has been nearly two decades since meaningful federal oil shale policy initiatives were undertaken. In that time technology has advanced, global economic, political, and market conditions have changed, and the regulatory landscape has matured. As America considers its homeland security posture, including its desired access to diverse, secure and abundant sources of liquid fuels, it is both necessary and prudent to reconsider the potential of oil shale in the nation's energy and natural resource portfolio.”

On top of these mammoth shale oil reserves, America also has billions of barrels (a complete estimate has yet been made) off our shors (especially around the east coast and the Gulf of Mexico) and in ANWAR.

THE energy problem in America is due almost entirely to Luddites on the Left seeking to keep America’s HUGE oil reserves off the world market.

That DECREASE in supply ALWAYS results in an INCREASE in cost/price, amidst a steady or, as we’ve had over the last decade, an increasing demand.

There’s absolutely no down side to releasing more of our oil supplies. It will drive down cost, stimulate more mobility (driving) by the American public and prime the country’s economic pump.

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