Instead, private companies, risking their own money, have made one state go from producing 83,000 barrels per day to a million barrels of oil produced every day in just ten years.
Let that sink in for a minute. That's a LOT of oil. Right now that production is worth...are you sitting down? $102 million dollars every day.
That's three Billion bucks a month.
So guess which state is producing this bonanza? Texas? California? Louisiana?
Nope. North Dakota.
To get an idea how big a deal this is, the U.K. has a huge amount of oil production from the prolific North Sea. At its peak, production from the U.K.'s North Sea fields was just under 3 million barrels per day.
North Dakota fields are producing a third of that. From one state. It accounts for about one-eighth of all oil produced in the U.S.
This huge bonanza is the result of relatively new technologies like horizontal drilling and hydraulic fracturing of rock formations.
No wildcatter is getting a
subsidy from the energy department. They do receive the normal tax
deductions on equipment and expenses — but the government isn’t deciding
who gets them.
You'd think Obama would be enthusiastically boosting this miracle--one of the very few bright spots in the U.S. economy. (North Dakota has the lowest jobless rate in the whole nation, at 2.6%). Of course you'd be wrong: The Emperor can't very well praise the increase
in oil production when his regime is making war on a by-product of petroleum use—
carbon dioxide. Plus he'd piss off the renewable-energy crowd.
The other reason Barry doesn't mention this success story is that government had exactly nothing to do with it. Which cuts against one of the most fundamental fables the Democrats have been trying to push for decades.
But wait: Barry basically killed the U.S. coal industry by simply ordering his EPA to issue regulation making most coal-fired generating plants uneconomical. Surely, with the support of Harry Reid and the Democrat-controlled senate, and Nancy Pelosi in the House, Barry can kill the oil industry just as easily. Maybe tighten CO2 emissions even more. Or ban horizontal drilling. Or just increase the federal royalty on oil production from 1/8th to, say, half.
(You did know that the federal government gets an eighth of the cash proceeds of oil produced from federal land, right? North Dakota production is paying the federal government roughly $390 million bucks per month.)