Free Market Capitalism Works!
There is no better recent example of how well free market capitalism works than the use of fracking and horizontal drilling to revolutionize oil and natural gas production. There is no better example of how centralized government planning fails than has been demonstrated by President Obama’s “green energy” policies (although ObamaCare may actually take the cake).
A Z Leader at Inform The Pundits has put out two excellent and revealing reports on the subject of fracking. Each contains excellent graphics and analysis. I’m going to share his conclusions with you. From his October 24th post, Free Market Wins Green Energy Race, he concludes:
The natural gas green energy revolution scores a TKO over President Obama’s $100+ billions.
Fracking and horizontal drilling are the green energy technologies of the 21st century, not wind and solar. They’ve unleashed plentiful, clean-burning and CO2-reducing natural gas.
U.S. carbon dioxide emissions are down 12% since 2007 primarily because natural gas is replacing coal as the fuel of choice for generating electricity.
The President talks about reducing CO2, but fossil fuel’s clean energy king, natural gas, is actually doing it.
The President talks about creating jobs, but all the envied new jobs are in the gas and oil industry in places like Texas, North Dakota and Pennsylvania.
Nobody talks about Obama’s green energy jobs anymore. The fossil energy sector is one of the few bright spots in an otherwise dismal economic recovery.
This year the U.S. became free of dependence on foreign oil. It now produces more than it imports.
All that was made possible when free market economics wasn’t blocked by misguided government policies.
So what does the President do?… He also includes new EPA regulations to strangle natural gas use in electric power plants to! They will also be approved within weeks.
A few days later, AZ wrote a post titled Shale Gas Revolutionizing World Energy, in which he concluded:
Clean-burning natural gas has already reduced U.S. CO2 emissions by over 10%. No other green energy technology in any other country anywhere in the world has come close to that.
Shale gas is globally plentiful. It is found, untapped in large commercial deposits, in 41 countries. It could dramatically reduce global CO2 emissions if used to replace coal for electricity production. China’s rise to the top as the world’s biggest polluter was driven by its use of coal as its primary electricity source. Change that to natural gas and it would turn everything around.
So what does the American President do? He imposes CO2 restrictions on natural gas electricity production!! Because it is already clean burning, the administration had to LOWER the allowed CO2 standard to choke off natural gas as an energy source in favor of wind and solar. That’s crazy energy policy.
Get real. If a fossil fuel like natural gas is plentiful, cheap and can achieve the ultimate goal of reducing global CO2 emissions then it’s pure insanity to stifle it like the administration wants in the USA
Michael Barone, at Real Clear Politics, writes a review of the book The Frackers: The Outrageous Inside Story of the New Billionaire Wildcatters. Here is some of what Barone had to say about The Frackers:
he Frackers reminds me of the enormous risks taken by John D. Rockefeller, whose kerosene replaced whale oil for lighting (and saved those wondrous mammals from slaughter), and the auto pioneers of Detroit.
It reminds me also that some — but not all — of them reaped great rewards. Henry Ford became a billionaire. W.C. Durant, founder of General Motors, died broke.
Public policymakers tend to assume a static economic world that responds incrementally to incentives, including changes in policy.
The Frackers shows an explosive and highly unpredictable world where imagination, perseverance, skill and — a necessary ingredient — luck can transform a nation from whale oil to kerosene, horse and buggy to car, energy importer to energy exporter.
Creative destruction can render public policies irrelevant, as seems to be the case with several decades of conventional wisdom energy policy. It reminds us that people with ingenuity and daring can reshape the world in ways few can imagine.
Indeed, Mr. Barone! Imagine what a free people in free markets could do improve the world we live in. But, statists like President Obama and his Green Marxist Agency aka Environmental Protection Agency are not big no “free” people and much less so on “free markets”. Forcing energy prices ever higher is part of their long-term goal to take more power from The People and give that power to The State.
Well, that’s what I’m thinking. What are your thoughts?