Oil-Rich America?

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Oil-Rich America?

By Victor Davis Hanson

... massive new reserves of gas, oil and coal are being discovered almost everywhere in the United States, due to revolutionary methods of exploration and exploitation such as fracking and horizontal drilling. Current prices of over $100 a barrel make even complex efforts at recovery enormously profitable.

There were always known to be additional untapped reserves of oil and gas in the petroleum-rich Gulf of Mexico, off America's shores, and in the American West and Alaska. But even the top energy experts never imagined just how vast was the energy there -- or beneath far more unlikely places like South Dakota, Pennsylvania, Ohio and New York. Some studies suggest the United States has now expanded its known potential gas and oil reserves tenfold.

The strategic and economic repercussions of these new finds are staggering, and remind us how a once energy-independent and thereby confident American economy soared to world dominance in the early 20th century.

America will soon again be able to supply all of its own domestic natural gas needs -- and perhaps for the next 90 years at present rates of consumption. We have recently become a net exporter of refined gas and diesel fuel, and already have cut imported oil from OPEC countries by 1 million barrels per day.

...

The entire Western Hemisphere is enjoying a fossil fuel boom, from northern Canada to Brazil and Argentina. America's backyard will soon be comparable to the oil-rich Persian Gulf, keeping more American money -- and troops -- at home. Illegal immigration should taper off as well, as oil-rich Latin American economies reap huge cash bonanzas.

...

Victor Davis Hanson is a classicist and historian at the Hoover Institution, Stanford University, and author, most recently, of "A War Like No Other: How the Athenians and Spartans Fought the Peloponnesian War."

http://www.realclearpolitics.com/articles/2011/12/08/oil-rich_america_112318.html

[slim 1,533]

"If we opened up our oil production the price of oil would collapse."

[Ban Hammer 13,563]

buy from the middle east for now. then when they run out, we'll sell to them - at $500 a barrel.

[Obama 2012 1,714]

buy from the middle east for now. then when they run out, we'll sell to them - at $500 a barrel.

you do realize gas would be around $24/gallon for us as well, right?

[Ban Hammer 13,563]

you do realize gas would be around $24/gallon for us as well, right?

export taxes....

[slim 1,533]

you do realize gas would be around $24/gallon for us as well, right?

That's why we should lower our dependency on oil.

[OnMyWayID 1,489]

Current known oil reserves for all middle east countires is around 800 billion barrels total combined with Saudi Arabia #1 at 260 billion barrels of known reserves.

With the new techniques now available to allow for ecomonical conversion from shale the current western hemospheres totals:

Canada: 2.4 trillion barrels - USA: 2 trillion barrels - Brazil: 2 trillion barrels

What is the population of Canada? 35 million? oof! the 21st century is going to be good for them

[slim 1,533]

What is the population of Canada? 35 million? oof! the 21st century is going to be good for them

Not necessarily. There are far fewer Saudis yet they haven't been living it up. Not as a whole, anyway.

[Bad_Daddy 2,209]

Drill baby drill !!!

[OnMyWayID 1,489]

Not necessarily. There are far fewer Saudis yet they haven't been living it up. Not as a whole, anyway.

Canada would most likely follow something akin to the Alaska model...