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Category — North American Inventory

North American’s Energy Boom (will Mexico join?)

“The energy boom in North America demonstrates that competition and technology are powerful forces; indeed, markets work. When the price system is allowed to work, technology is brought to bear on supply (more) and demand (less) to the benefit of economies everywhere.”

Gone are the days of growing scarcity in the North American oil patch–and increasing petroleum imports from unstable regimes overseas.

The new consensus–that North American energy is plentiful and will remain so to at least the year 2040–is not based on hopes and hype. Over the last five years North America has experienced a true energy revolution, and it is continuing apace.

U.S. oil production is at its highest level since 1992, at over 7 million barrels per day (mmb/d), and Canada’s output exceeded 4 mmb/d at the end of last year, its highest level ever. Both are expected to continue to rise, with the U.S. topping Saudi Arabian production of over 10 mmb/d by 2020, and Canadian production rising to over 6 mmb/d. [Read more →]

March 27, 2013   2 Comments

North America’s Incredibly Expanding Resources (New study puts ‘peak’ oil, gas, and coal in some future century)

“Human beings create more than they destroy.”

- Julian Simon, The Ultimate Resource 2 (Princeton, N.Y.: Princeton University Press, 1996), p. 580.

“People have since antiquity worried about running out of natural resources–flint, game animals, what-have-you. Yet, amazingly, all the historical evidence shows that raw materials–all of them–have become less scarce rather than more….  And there is no reason why this trend should not continue forever.”

- Julian Simon, “The State of Humanity: Steadily Improving,” Cato Policy Report, September/October 1995.

There is only one thing that is going up more than government subsidies for uneconomic wind and solar power: oil, gas, and coal reserves and resources in the United States, according to a new study released yesterday by the Institute for Energy Research (IER) assessing total North American inventory.

The U.S. is the world’s most endowed energy country, followed by Russia, Saudi Arabia, and China. At current consumption rates, we have hundreds of years of domestic oil and gas, and thousands of years of coal.

Stephen Hayward explains this and more in this video: [Read more →]

December 7, 2011   5 Comments