The fossil-fuel energy era is not waning. Quite the opposite; it is still young.
For decades, activists have been trying to convince the American people that declining resources would forever make us dependent on expensive foreign oil. But according to a new report from the Institute for Energy Research (IER) on North America’s energy resources, that line of thinking is flat-out false. Based on the latest official statistics, domestic oil, natural gas, and coal deposits are much more extensive than commonly realized.
The real problem is that much of our resources are not being developed because of antiquated, heavy-handed government regulations. As a consequence, the American economy is being deprived of significant job creation and new investments.
Consider this. Total recoverable oil in North America exceeds 1.7 trillion barrels, which is more oil than the entire world has used over the last 150 years.…
“The two greatest enemies of free enterprise in the United States … have been, on the one hand, my fellow intellectuals and, on the other hand, the business corporations of this country.”
– Milton Friedman. “Which Way for Capitalism?” Reason, May 1977, p. 21.
“To put it plainly, T. Boone Pickens is out to save America.”
– Carl Pope (Sierra Club). Quoted in Dean Calbreath, “Pickens Pitches Plans to Shift U.S. Away From Oil,” San Diego Union Tribune, June 25, 2008.
They are not against capitalism. They can be very charismatic, in the know, and mainstream. They may be industry leaders. They are always politically correct and receive good press. And they can, often do, pledge allegiance in the abstract to the American way of free enterprise.…
…“… we have undertaken the most extensively regulatory reduction ever conceived. Regulation is stealth taxation. The U.S. Like many other countries unelected bureaucrats … they have imposed crushing and anti-business and anti-worker regulations on our citizens with no vote, no legislative debate, and no real accountability. In America those days are over.
“I pledged to eliminate two unnecessary regulations for everyone new regulation. We have succeeded beyond our highest expectations. Instead of two for one, we have cut 22 burdensome regulations for everyone new rule. We are freeing our businesses and workers so they can thrive and flourish as never before. We are creating an environment that attracts capital, invites investment, and rewards production. America is the place to do business, so come to America where you can innovate, create and build.”