Advancing a Free Society

Oil-rich America?

Friday, December 9, 2011

There is a revolution going on America. But it is not part of the Tea Party or the loud Occupy Wall Street protests.

Instead, 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.

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