Many experts are now joining the chorus of those who predict North America could become energy independent within ten years.
This became evident at recent Congressional hearings.
Notable examples of what was told Congress include,
- The United States has already passed Russia as the number two oil producer in the World. Only Saudi Arabia produces more oil than the United States.
- Crude oil imports have been reduced from 60% of consumption to 45% because of fracking.
- U.S. natural gas reserves have grown from a seven-year supply to a supply that can last for over 100 years, again because of fracking.
- Citigroup has suggested that between 2 million and 3.5 million new jobs can be created because of the huge reserves of low-cost natural gas that have been brought about because of fracking.
- Becoming energy independent can cut the current account deficit by two-thirds. This will have huge economic benefits for the United States, since this money can be used to invest in infrastructure at home rather than exporting dollars to the Mideast.
Examples of the benefits that fracking has produced are the restart of the Dow Chemical ethylene plant, the reopening of a large ammonia plant in Beaumont, Texas, and CF Industries planned $1 billion investment in a new ammonia plant.
But all these good things can only happen if the government will get out of the way.
Private industry developed fracking when the government wasn’t looking.
EPA’s excessive regulations, the government’s withholding of federal lands from drilling and the government’s obsession with CO2 emissions, are but three examples of how the government is keeping the United States from becoming energy independent.
The war against coal is now the war against fossil fuels. Here is how the Sierra Club portrays the issue:
|“Fossil fuels have no part in America’s energy future – coal, oil and natural gas are literally poisoning us. The emergence of natural gas as a significant part of our energy mix is particularly frightening because it dangerously postpones investment in clean energy at a time when we should be doubling down on wind, solar and energy efficiency.”
—Robin Mann, Sierra Club President
This administration seems to be following Europe’s lead with respect to energy policy.
Many countries in Europe have attacked and even banned fracking. The EU is proposing a European-wide ban on fracking. This, in spite of Europe’s becoming ever more dependent on Russian gas. Meanwhile, Russia isn’t hesitating to utilize fracking to bolster its oil and natural gas industries.
Europe’s energy policy is focused on cutting CO2 emissions 80% by 2050.
These are the same objectives stated by the EPA in its war against fossil fuels. It’s the main reason, i.e., to stop CO2 emissions from the production of oil from tar sands, that the government blocked the Keystone pipeline.
If government will get out of the way the United States, in combination with Canada, can become energy independent within the next ten years.
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