No. I’d put up an order of magnitude, at least, higher: Restoration to the adherence of Article 1 Section 8.
OPEC Acknowledges Threat of U.S. Oil
http://www.nationaljournal.com/energy/opec-acknowledges-threat-of-u-s-oil-20131108
November 8, 2013
OPEC has previously downplayed U.S. oil production but now seems ready to acknowledge the potential threat of an American energy boom, The Wall Street Journal reports.
The Organization of the Petroleum Exporting Countries released its annual World Oil Outlook on Thursday, predicting a surge in petroleum production from both the U.S. and Canada through 2018 that is significantly higher than estimates it released last year.
The report also warned that the U.S. oil boom could cut demand for oil from OPEC nations by 1 million barrels per day within the next five years.
Years ago I thought it was better to suck the other guys’ formations dry before using ours.
But the smart people are finding so much energy everywhere these days that maybe we don’t care anymore.
Just like the DeBeers diamond dynasty, the price for hydocarbons will be kept up by artificially induced scarcity of supply. OPEC isn’t the only oil cartel in the world. Oil production in Texas and the Dakotas will grind to a halt if the price of oil drops below the world market price. Same thing with natural gas. That’s assuming that the feds don’t just nationalize the US oil industry in the near future, which is highly likely under the current regime. Just like coal, oil and gas extraction will be effectively banned, except for export to asia, for our chinese comrades.
In the mean time, you better dust off those buggy whip stocks, and invest in a good pair of spurs, and possibly a wagon.
The only "national energy policy" should be simple corporate tax laws featuring reasonably low taxes so that businesses are encouraged to go into the energy sector and extract a bunch o' energy.
There should also be a complete ban on all subsidies for all forms of energy. Each type of energy should compete on price alone.
The only "investment" in energy should be some money provided to businesses and universities for scientific research into future potential energy sources. Any of this type of funding should compete with medical, astronomical, and other types of scientific research.