My favorite living historian Victor Davis Hanson puts his finger on one of the most important developments of the past few years which has received little press coverage:
There is a revolution going on America. But it is not part of the tea party movement or the loud Occupy Wall Street protests.
Instead, massive new reserves of gas, oil and coal are being discovered almost everywhere in the United States, due to revolutionary methods of exploration and exploitation such as fracking and horizontal drilling. Current prices of over $100 a barrel make even complex efforts at recovery enormously profitable.
There were always known to be additional untapped reserves of oil and gas in the petroleum-rich Gulf of Mexico, off America’s shores, and in the American West and Alaska. But even the top energy experts never imagined just how vast was the energy there — or beneath far more unlikely places like South Dakota, Pennsylvania, Ohio and New York. Some studies suggest the United States has now expanded its known potential gas and oil reserves tenfold.
The strategic and economic repercussions of these new finds are staggering, and remind us how a once energy-independent and thereby confident American economy soared to world dominance in the early 20th century.
America will soon again be able to supply all of its own domestic natural gas needs — and perhaps for the next 90 years at present rates of consumption. We have recently become a net exporter of refined gas and diesel fuel, and already have cut imported oil from OPEC countries by 1 million barrels per day. →']);" class="more-link">Continue reading
The production and consumption of energy is a fundamental human practice. Energy is the cornerstone of industrialized civilization. Energy powers everything—machinery in factories, transportation, communications, utilities systems, as well as things that provide the comforts of daily living from television, air conditioning, kitchen appliances, etc. The whole of the economy is contingent on the production of energy; hardly any good or service would be available—at least not as it is now—without the energy put forth toward its production or energy necessary in stores (especially megastores) that enable commerce. It even takes energy to move goods from one place to another.
America has become so accustomed to the conveniences provided by abundant and seemingly unlimited energy that we have taken them for granted. No matter how many air conditions are plugged in on a given day, the local electric company could supply enough energy to run them all. No matter how many cars are on the road, there will be enough gasoline to fuel them all. The American economy in recent decades boomed on energy. From coal to oil, Americans exploited these resources and without really noticing became energy gluttons. Accounting for less than 10% of the global population, the United States consumes about one third of all energy consumed globally. →']);" class="more-link">Continue reading