I read another work that claimed the opposite. That it is in the political interest of a country to understate reserves so that pricing power can be maintained.
I’m addicted to it. Are you?
A lot of things in the US are cheap, come to think of it. It comes from prosperity and reward for ingenuity and hard work. The bottom line is not that the US is propped up by cheap oil, but rather that the US has always been propped up by ingenuity and hard work.
It’s why the marxists won’t let us drill here where oil is abundant. They seek to forever alter America. Kill the engine, kill the Country.
When you see high priced oil and coal you see high unemployment like today.
Pray for America
3 to 4 BILLION barrels of oil in OUR NORTH DAKOTA.
During the Carter years, we were told the world’s oil reserves would be depleted in 50 years. So what did he do?
We have plenty of natural gas, and it doesn’t take much to switch over in a country that’s eager to do so. Cars can run on it just fine and polute less.
Just get rid of the librobots first.
While we talk of high priced oil, it truly isn’t true. When oil prices reach the tipping point that makes oil shale, liquified coal profitable then we will have high oil prices. But notice, when that occurs we have the world’s largest know reserve of coal. Oil is suitable for transportation fuels. Reordering our mix of fuels would bring down our consumption of oil and raise our coal, natural gas and nuclear. We really should think about running our entire electric grid on nuclear and hydro. Natural gas should heat our homes and oil should be limited to transportation fuels until such time that coal can profitably replace it. A reasonable energy strategy could be instituted if we could just get the nuts out of the way (e.g., ALGORE).
“Once liquid petroleum is no longer abundant and cheap...”
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Why do you make that distinction between abundant and cheap? Oil is abundant in this world — we’re discovering new fields every year. That it is not cheap is because of taxation and the enforcing by environmentalists to get away from oil usage altogether.
“The foundation of the American lifestyle and economy is cheap oil....”
America is THE most heterogenous country in the world. In the DC Metro region are at least 30 distinct ethnic, cultural and racial enclaves.
the glue holding this all together...are Constitutional Freedoms...coupled with cheap energy relative to the rest of the world. Unleashed, this is a powerhouse combo....
Failure of either Constitutional Freedom...or the availability of cheap energy...ugly will be beyond comprehension of even the worst of the 20th century.