Oil report suggests an earthquake in global politics
“It would be a breathtaking re-making of the international power structure, and only eight years into the future, according to the agency. Whoever replaces Barack Obama as the next president could preside
over the biggest change in political
dynamics since the U.S. emergence as a superpower. The forecast could also be totally wrong – sweeping visions of future
developments often are. But the agency is not alone in supposing profound results will follow from the rapid changes that have overtaken U.S. energy reserves with
the development of technologies that give access to previously locked-in supplies of oil and natural gas. Rice University’s
[external] Baker Institute reports that U.S. import terminals for liquified natural gas are already barely used and adds that
“developments in Canada, Brazil and the Americas more generally have tilted the center of gravity in energy markets toward the Western Hemisphere” for the first time in decades. “
Remember, boys and girls , who said ” Energy prices will necessarily skyrocket “
“The vast majority of America’s new oil and gas production is happening on private lands in states like North Dakota, Alaska and Texas. The environmental review and permitting process on federal lands, however, is burdensome and keeps resources untapped.
As Heritage’s Michael Sandoval has reported:
…oil production on federal lands has decreased between fiscal 2010 and fiscal 2011 by 11 percent. Natural gas production has decreased by 6 percent in the same one-year span. It is down nearly 27 percent from fiscal 2009. Meanwhile, oil and gas production have increased by 14 percent and 12 percent, respectively, on private and state-owned land.
How did North Dakota pass Alaska and California to become the second-largest producer of domestic crude oil? Answer: sensible state regulations, advancements in technology, and the ability to drill on private lands.”
And who can forget this gem ?
“So if somebody wants to build a coal-powered plant, they can; it’s just that it will bankrupt them … “
Cartoon by A.F. Branco
Video courtesy of Heritage.org