When he was still president, Barack Obama proclaimed that America could not “drill its way” out of the need to get more energy. When Donald Trump became president, he might as well have said, “hold my diet coke.”
Hot Air noted that the United States has become the largest oil and gas producing country in the world”
“But the latest government figures just showed that in April the United States produced a new record amount of oil per day — a stunning 12.16 million barrels of oil every 24 hours.
“That’s up another quarter-million barrels a day from March and the third straight monthly increase, according to the U.S. Energy Information Administration.
“Of more significant interest, the oil production jump makes the United States the world’s largest producer of oil, ahead of the usual slippery suspects like Saudi Arabia and Russia.
“How’s that for energy independence?”
Natural Gas, the cleanest burning of all of the fossil fuels, has the same story.
“What about natural gas? Same deal. Monthly gross natural gas production (in the lower 48 states) also rose to a fresh new record high 100.27 billion cubic feet per day in April from the prior March high of 99.46 billion cubic feet.
“Texas is also the largest natural gas-producing state. Production there grew 1.8 percent to a record high 26.83 billion cubic feet per day from 26.35 billion in March.”
“As the second-largest gas-producing state, Pennsylvania (who knew?) held steady at 18.79 billion cubic feet a day.”
A little trip down memory lane gives us the whole story about how President Trump achieved what President Obama proclaimed to be impossible.
Obama, like everyone else on the left, was besotted by the idea of climate change destroying the world. So, he ordered a number of unwise investments in renewable energy, which resulted in fiascos such as Solyndra.
However, almost unnoticed at first, drillers had perfected a technique called hydraulic fracking. Fracking involved injecting fluid into shale formations to force oil and gas to the surface.
The technology unlocked a wealth of fossil fuels unimagined during the bad old days of energy crises and gas lines.
Environmentalists hated the development and spread lurid tales of environmental catastrophes resulting from fracking. Some states, such as New York and Maryland banned fracking.
Other states, particularly Texas and North Dakota, embraced the technology and has been reaping its economic rewards ever since.
President Trump has expanded the areas where oil and gas companies can drill and has loosened regulations on production and refining. As a result, the prospect of energy shortages is a thing of the past.
Energy independence has been a long-held dream of American business and public policy experts. Now the goal has been achieved and has created a new world that some are finding difficult to adapt to.
Most of the effects are beneficial. No longer is the United States or anyone else that it now sells oil and gas to under the thumb of the Arab oil sheiks. Indeed, the Gulf oil states are scrambling to diversify their economies, making investments in high tech.
In the meantime, the United States has slapped an economic embargo on Iran in an attempt to force that theocracy to heel.
While President Trump is trying to avoid war in the Middle East, it’s outbreak will not be as economically catastrophic as it might have been in times past. American oil companies would ramp up production to take up any slack that may occur and would reap the profits.
The other group of people who need to adjust is the environmentalists and advocates of renewable energy. Cheap oil and gas mean that solar and wind have to be competitive to make economic sense.
Some states, such as California, have resorted to subsidies. Texas has been able to make wind work and has become the number one state for wind energy production. But, by and large, renewables are not competitive enough to take over from oil and gas.
Does the primacy of oil and gas mean that alternative energy is essentially doomed? Not really, but solar, wind, and other renewables have to become energy cost-competitive and cannot be ushered into being by government fiat.
For those who are upset about climate change, there is always carbon capture. Carbon capture will prevent co2 from being let loose into the atmosphere and will allow a business to use it as a resource to make useful products.
The energy record under Obama as compared to that under Trump proves that capitalism beats government edicts every time. The lesson should be taken to heart in the coming election.