Public support for tapping America’s oil reserves has been strong over the past several years, but it received its toughest test with the Deepwater Horizon spill. The verdict is now in – and it’s drill, baby, drill!

A clear majority continued to support drilling in American waters even during the height of the spill, when oil was gushing uncontrollably and dying birds headlined network newscasts. Pollsters at Rasmussen report that, “since the oil rig explosion that caused the massive oil leak, support for offshore drilling has ranged from 56 percent to 64 percent.”

That’s not far below the 72 percent who supported it before the spill, nor much different than the support back in the summer of 2008 when pump prices topped $4 a gallon. Now that the leak has been stopped, the percentage in favor should start rising again.…

“As I have argued for years, we simply do not know the answer [to the sensitivity of climate to greenhouse gas forcing]. There is a wide margin of error in many of the ingredients that go into the [climate] models. For example, we do not know some of the radiative properties of the aerosols to a factor of 5. No matter how good your climate model is, you cannot compensate for that uncertainty. The range of uncertainty is broad enough to accommodate [Patrick] Michaels (well, maybe North) and [Jerry] Mahlman.”

– Gerald North (Texas A&M) to Rob Bradley (Enron), September 17, 1999

“One has to fill in what goes on between 5 km and the surface. The standard way is through atmospheric models. I cannot make a better excuse.”

– Gerald North (Texas A&M) to Rob Bradley (Enron), October 2, 1998

“We do not know much about modeling climate.

A new frontier for the world energy market is atop the world where thawing sea ice (a positive externality in this case) has opened up the possibility of major energy and other mineral production. The U.S., Canada, Russia, Denmark (via Greenland), and Norway have stakes in the Arctic domain:

Estimated potential resources are substantial (see below). The challenge is to turn potential resources in proven and probable reserves of both oil and gas.

New Developments: One Bad, One Good

Unforeseen events can have an enormous impact on the development of new markets and on public policy. Two such events occurred in April 2010.…

Today, the House Energy and Commerce Subcommittee on Energy and Environment will hold a hearing on the Blowout Prevention Act of 2010. A draft of the legislation and other pertinent documents are available on the Subcommittee’s Web site.

Although the draft legislation and hearing documents address serious problems brought to light by the Committee’s ongoing investigations, the Blowout Prevention Act would throw the baby out with the bath water.

To restate the obvious, although oil spills are bad, oil is good. Without oil, there would be no modern commerce and no mechanized agriculture. Life for most people would be “nasty, brutish, and short,” and many of us would not even be alive. Another obvious point — British Petroleum (BP) is to blame for the worst environmental disaster in U.S.…