Tag Archives: oil supply

Predicted Catastrophes That Never Happened

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On Thursday, The Daily Caller posted a list of the Top 10 catastrophic climate predictions that failed.

Here is the list:

1) In 1970, S. Dillon Ripley, a wildlife conservationist who served as secretary of the Smithsonian Institute, warned that 75 percent to 80 percent of species would be extinct by 1995. Wrong.

2) In 1970, Kenneth Watt, an ecologist and professor at the University of California, Davis, warned that “there won’t be any more crude oil,” that “none of our land will be usable” for agriculture, and the world would be 11 degrees colder by the year 2000. False.

3) In 1970, biologist Paul Ehrlich at Stanford University warned that by the end of the decade up to 200 million people would die each year from starvation due to overpopulation, life expectancy would plummet to 42 years, and all ocean life would perish. Extremely false.

4) In 1970, Peter Gunter, a professor at North Texas State University, predicted that “world population will outrun food supplies” and “the entire world, with the exception of Western Europe, North America, and Australia, will be in famine” by the year 2000. Didn’t happen.

5) In 1971, Dr. S. I. Rasool, an atmospheric scientist at NASA, predicted the coming of a “new ice age” within 50 years. Incorrect.

6) In 1975, Ehrlich, the Stanford biologist, warned that 90 percent of tropical rainforests and 50 percent of species would disappear within 30 years. Erroneous. 

You get the picture. Please follow the link to the article to read the last four predictions. All of these predictions called for a change in behavior or more money to be taken from Americans. All of these predictions were wrong. We went along with many of them, either changing our behavior or paying more in various taxes or fees. Let’s learn from our mistakes.

Some Presidential Candidates Don’t Understand Economics

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The Gateway Pundit posted an article today about a recent tweet by Elizabeth Warren.

This is the tweet:

The article includes the following quote from an article posted at The Heartland Institute website on September 19, 2018:

A 2015 Harvard Business School/Boston Consulting Group study estimates fracking supported 2.7 million jobs in 2014, with the potential to grow to 3.8 million jobs by 2030. Similarly, PricewaterhouseCoopers (PwC) prepared a report for the American Petroleum Institute that estimates the oil and natural gas industries supported 10.3 million jobs in 2015, an increase of about 500,00 compared to 2011.  The RAND Corporation projects the industries will support an additional 1.9 million jobs by 2035.  By the same year, a 2012 IHS Markit study estimates fracking will have created 3.5 million jobs. 

A 2016 Chamber of Commerce study projects that if the fracking revolution of the previous decade had not occurred, 4.3 million jobs would not have been created, the U.S. economy would be $500 billion smaller and residential natural gas prices would be 28 percent higher. 

There is also the matter of national security. America now has the freedom to choose its friends without worrying whether or not our oil supply will be cut off. Some of us remember the 1970’s gas lines and high price of gasoline.

The world economy (that includes America) is currently based on fossil fuels. Countries who can supply reasonable priced energy attract manufacturing and businesses which create jobs. The end the production of fossil fuel and fracking in America is to reduce America to the status of a third-world (or lower) country.

Are You Enjoying The Current Price Of Gasoline?

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On Sunday, Stephen Moore posted an article at The Daily Signal about the recent decline in gasoline prices. The article reminds us that in June, oil reached a peak price of $103 a barrel. Since then, the price has dropped 25 percent. American motorists are seeing the results of that drop in gasoline prices at the pump that have dropped below $3.00 per gallon. At their present levels, gasoline prices are saving American consumers and businesses $200 billion a year.

The article reports:

Oil prices are falling because of changes in world supply and world demand. Demand has slowed because Europe is an economic wreck. But since 2008 the U.S. has increased our domestic supply by a gigantic 50 percent. This is a result of the astounding shale oil and gas revolution made possible by made-in-America technologies like hydraulic fracturing and horizontal drilling.  Already thanks to these inventions, the U.S. has become the number one producer of natural gas. But oil production in states like Oklahoma, Texas and North Dakota has doubled in just six years.

Without this energy blitz, the U.S. economy would barely have recovered from the recession of 2008-09. From the beginning of 2008 through the end of 2013 the oil and gas extraction industry created more than 100,000 jobs while the overall job market shrank by 970,000.

President Obama, you didn’t build this recovery (such as it is)–it happened in spite of you! The energy blitz in America is breaking the back of OPEC. They can no longer blackmail western countries with threats of cutting off their oil supply.

The article further reports:

Yet the political class still doesn’t get it. As recently as 2012 President Obama declared that “the problem is we use more than 20 percent of the world’s oil and we only have 2 percent of the world’s proven oil reserves.”  Then he continued with his Malthusian nonsense,  “Even if we drilled every square inch of this country right now, we’d still have to rely disproportionately on other countries for their oil.” Apparently, neither he nor his fact checkers have ever been to Texas or North Dakota.  And we don’t have 2 percent of the world’s oil. Including estimates of onshore and offshore resources not yet officially “discovered”, we have ten times more than the stat quoted by the president–resources sufficient to supply hundreds of years of oil and gas.

If the President and his Democrat allies would get out of the way, the American economy would recover. Please remember that when you vote next week.