Have nothing to do with the [evil] things that people do, things that belong to the darkness. Instead, bring them out to the light... [For] when all things are brought out into the light, then their true nature is clearly revealed...

-Ephesians 5:11-13

Tag Archives: North Dakota

How Does YOUR State Rank?

Map of USA with North Dakota highlighted

(Photo credit: Wikipedia)

Every year 24/7 Wall St. analyzes various data from each state and then ranks them in order based on that data. The result is a list of all 50 of the “best” run and “worst” run states. I’m going to be taking a closer look at their study later on today and publishing it tonight at 7PM if you care to come back then. But for now let’s take a quick look at just three states: North Dakota (#1), California (#50), and Colorado – where I live – at #29.

First of all, the authors admit that measuring how well a state is run is a difficult task:

The successful management of a state is difficult to measure. Factors that  affect its finances and population may be the result of decisions made years  ago. A state’s difficulties can be caused by poor governance or by external  factors, such as extreme weather.

Put another way, nature may have blessed a state with an abundance of natural resources that other states don’t share. And a state may have suffered an abundance of stupidity inflicted on that state by politicians long dead and thankfully forgotten (if not forgiven). Nevertheless, the effort to rank them is

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Rasmussen Reports Reflect Romney Surge

Mitt Romney at Caster Concepts

Mitt Romney at Caster Concepts (Photo credit: davelawrence8)

Yesterday’s reports from Rasmussen was quite encouraging, if you’re a Romney/Republican fan and are concerned about the depth and breadth of the Romney surge that even the Downstream Media are now being forced to admit.

Here we go:

  1. Who won the debates? 49% say Romney, 41% say Obama.
  2. Arizona Senate: Flake, the Republican: 50%, Carmona, the Democrat: 44%
  3. Nevada Senate: Heller, the Republican: 50%, Berkley, the Democrat: 45%
  4. Swing state tracking: Romney: 50%, Obama: 47%
  5. North Dakota Governor’s race: Dalrymple, the Republican: 53%, Taylor, the Democrat: 39%
  6. Affluent suburbs are moving in Romney’s direction

And on Friday, Rasmussen is putting Wisconsin, a state that Obama won by 14% in 2008, as too close to call: Obama leads by 2%, within the margin of error. And the momentum for Romney continues to build.

The election could be a split decision, according to Rasmussen, with the popular vote going to Romney, but

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Will the Senate Go Republican?

John Hawkins – The 12 Key Senate Races To Watch In 2012

This year, most people have been focused on the Romney vs. Obama race, but there is also a battle going on for control of the Senate.

The Senate is currently comprised of 47 Republicans, 51 Democrats and 2 liberal independents. That means the GOP would need to capture 4 seats for a takeover. Although that may sound like a heavy lift, keep in mind that this year there are only 10 Republicans up for reelection while 23 Democrats/liberal independents have to defend their seats.

Male elephant in Etosha National Park, Namibia...

(Photo credit: Wikipedia)

Hawkins describes himself as a “professional blogger,” whatever that means. He also has some business interests. But his analysis here is worth considering. I’ve long felt that the Senate races are much more important than the race for the White House.

Here are the highlights of some of the 12 races Hawkins considers important:

State: Massachusetts
Seat Currently Held By: Scott Brown (R)
Competitors: Scott Brown (R) vs. Elizabeth Warren (D)
Current Ranking: Toss-up (50% chance of Republican hold)
Analysis: Normally, a popular incumbent like Scott Brown would have nothing to fear from a far left-wing socialist who advanced her career by pretending to be an Indian. Unfortunately, we’re talking about a state that sent degenerates like Ted Kennedy and Barney Frank back to Congress year after year. This is a tight, back-and-forth race that still might break either way.

State: Indiana
Seat Currently Held By:Richard Lugar (R)
Competitors:Richard Mourdock (R) vs. Joe Donnelly (D)
Current Ranking: Leans Republican hold (75% chance of Republican hold)
Analysis: Most people seem to be assuming that Mourdock is going to coast to victory, but at the moment, both candidates seem to be knotted in the low forties. Mourdock SHOULD win this race, but if he stumbles down the stretch or Republicans get complacent about this seat while Democrats go after it hard, this could turn into the Democrats’ best chance to pick up a GOP seat they’re expected to lose.

State: Wisconsin
Seat Currently Held By:Herb Kohl (D)
Competitors:Tommy Thompson (R) vs. Tammy Baldwin (D)
Current Ranking: Toss-up (50% chance of Democrat hold)
Analysis: Tommy Thompson is a popular former governor who looked to have this race well in hand, but the numbers have started moving Baldwin’s way. Either candidate could still pull this out.

Hawkins thinks the races in Montana, North Dakota and Nebraska will be enough to tip the Senate to the Republicans.

Saudi Arabia to IMPORT oil?

Ambrose Evans-Pritchard: Saudi oil well dries up

A 150-page report by Heidy Rehman [of Citigroup] on the Saudi petrochemical industry should be sober reading for those who think that shale oil and gas have solved our global energy crunch.

English: Tomb of Muhammad in Madinah, Saudi Arabia

English: Tomb of Muhammad in Madinah, Saudi Arabia (Photo credit: Wikipedia)

That would be me. I’ve been watching with increasing enthusiasm and excitement the development of shale oil and natural gas in North Dakota and Pennsylvania and elsewhere that I’d almost decided that our energy prospects looked awfully good.

I haven’t read the report. It’s 150 pages long. But Evans-Pritchard has, and he calls it sobering:

I don’t wish to knock shale. It is a Godsend and should be encouraged with utmost vigour and dispatch in Britain. But it is for now plugging holes in global supply rather than covering the future shortfall as the industrial revolutions of Asia mature.

What he is saying is that Saudi Arabia’s internal thirst for water and air conditioning is increasingly using more and more of their own oil resources, leaving less and less to export.

And by 2030, they might have to start importing oil. That’s mind-boggling:

The basic point – common to other Gulf oil producers – is that Saudi local consumption is rocketing. Residential use makes up 50pc of demand, and over two thirds of that is air-conditioning.

The Saudis also consume 250 litres per head per day of water – the world’s third highest (which blows the mind), growing at 9pc a year – and most of this is provided from energy-guzzling desalination plants.

And they are already using all of the natural gas they produce:

The Saudis already consume a quarter of their 11.1m barrels a day of crude output. They are using more per capita than the US…!

The country already consumes all its gas…

As I said, this report, referred to by Evans-Pritchard, is altering my perception of the global energy landscape. If the Saudis have to start importing oil, where will they get it? No report I’ve seen suggests that the US will be in any position to export any significant amount of energy by the time the Saudi’s need it.

Here’s the equation: increased demand, limited supply = higher prices. Maybe much higher.

Like I said, this alters my thinking.

Oil Prices to Hit $100 a Barrel Then Drop Like a Stone

Forrest Jones: Crude to Hit $100 a Barrel, But Sell the Rally

“This potential disruption is coming at a time where prices are already in the higher end. Unless we get a significant amount of oil capacity taken off the market, the chances are this sort of event [Tropical Storm Isaac] won’t have a significant impact from a medium-term point of view.” —Ric Spooner, chief market analyst at CMC Markets

Steel drums used as shipping containers for ch...

Steel drums used as shipping containers for chemicals and other liquids. (Photo credit: Wikipedia)

There are always “events” that, from day to day, impact oil prices: hurricanes, political unrest, Middle East tensions and threats, explosions (like the one in Venezuela last week), and so forth. But underlying these events is something much more predictable: the supply of oil coming to market is inexorably increasing, mostly from the US.

Here’s a quick summary:

According to Wikipedia, the US has 21 billion barrels of proven oil reserves. The Energy Information Administration (EIA) estimates that “technically recoverable oil reserves” are about 198 billion barrels.

But that doesn’t include the Bakken Formation in North Dakota. There, according to the EIA, there are another 503 billion barrels. And in Colorado and adjoining Rocky Mountain states there are another—ready?—2 trillion barrels of oil!

And this doesn’t include other finds around the world. This is just in the US.

Here are the official estimates: The US has

  • Eight times as much oil as Saudi Arabia
  • Eighteen times as much oil as Iraq
  • Twenty-one times as much oil as Kuwait
  • Twenty-two times as much oil as Iran
  • Five-hundred times as much oil as Yemen

Oil expert Spooner added:

The global demand outlook (for oil) is for moderate growth at best and is well covered by supply capacity. (My emphasis)

I’m looking for opportunities to sell into the current strength anywhere from here on up to about $102 a barrel (for U.S. crude) and $120 a barrel for Brent.

It’ll be fun to watch as oil prices peak at $100 a barrel and then drop like a stone.

Senator Rand Paul’s Bill to Protect Citizens From Drone Surveillance

U.S. Predator drone flies over Kandahar Air Field

U.S. Predator drone flies over Kandahar Air Field (Photo credit: AN HONORABLE GERMAN)

When Senator Rand Paul (R-Ky.) introduced his bill in June, he was responding to growing concerns over privacy by American citizens. The purpose of his bill is elegantly simple: “To protect individual privacy against unwarranted governmental intrusion through the use of unmanned aerial vehicles commonly called drones.” Paul’s bill is very specific:

[A] person or entity acting under the authority [of], or funded in whole or in part by, the Government of the United States shall not use a drone to gather evidence or other information pertaining to criminal conduct or conduct in violation of a statute or regulation except to the extent authorized in a warrant that satisfies the requirements of the Fourth Amendment to the Constitution of the United States.

Paul explained that “Americans going about their everyday lives should not be treated like criminals or terrorists and have their rights infringed upon by military tactics.”

One of those claiming to have had his rights infringed upon is Rodney Brossart of Lakota, North Dakota, who is “the first American citizen to be arrested with the help of a Predator surveillance drone,” according to USNews. Brossart’s troubles began in 2010 when six cows

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The Free Market versus Government

Michael Barone: Booming North Dakota City Shows Wisdom of Markets

So Fremont is the site of the gleaming headquarters of Solyndra, the solar panel firm promoted by an Obama megacontributor, which got a $535 million loan guarantee from Obama’s stimulus package.

But the wave of the future turned out to be a stagnant puddle. Solyndra went bankrupt. Meanwhile, Fremont, like most of coastal California, has had continual outmigration to other states and has grown only due to immigrants. It grew only 6 percent between 2000 and 2011.

If the Obama folks back in 2009 thought Fremont was the harbinger of America’s future, one wonders what thoughts they had, if any, about Williston, N.D.

English: President Barack Obama examines a sol...

English: President Barack Obama examines a solar panel with Solyndra CEO Chris Gronet (right) and Executive Vice President Ben Bierman, during a tour of Solyndra. (Photo credit: Wikipedia)

You can be sure that Obama’s minions had no thoughts whatsoever about Williston. They live in a dream world where with sufficient quantities of other peoples’ money—or money created by the Fed—will solve all problems, including that elusive problem of pollution and global warming and clean green energy and…so forth.

I’ve written before about the miracle in North Dakota, as have many others. And I continue to watch the miracle unfold and ripple out to other oil shale fields across the country. The free market technologies and profit-seeking entrepreneurs are putting the US into the enviable position of becoming energy independent. What an amazing paradigm shift from just ten years ago when North Dakota was the least-visited state by tourists!

As Michael Barone wrote:

This tale of two cities has a moral, which is that no political or governmental leader can forecast the future. Barack Obama and his Nobel-Prize-winning energy secretary thought solar panels were a huge growth industry. They bet billions of [our] tax dollars and lost.

True, many private investors guessed no better. But they were risking their own money, not ours. And, yes, government research provided some early help in developing fracking.

But Fremont and Williston are more evidence, if any is needed, that the collective decisions of participants in economic markets do a better job of allocating resources than the often contributor-driven decisions of a few politicians.

Amen. Take it to the bank. The free market always…always…works better than government experts.

Harvard Senior Fellow: Peak Oil Is History

Abu Dhabi skyline

With the publication of his careful study, “Oil: The Next Revolution,” internationally respected economist and senior fellow at Harvard University Leonardo Maugeri has persuasively buried the theory of “peak oil” beneath 75 pages of evidence to the contrary. He wrote:

Contrary to what most people believe, oil supply capacity is growing worldwide at such an unprecedented level that it might outpace consumption. This could lead to a glut of overproduction and a steep dip in oil prices….

After adjusting for risk factors…net additional production capacity by 2020 could be 17.6 mbd [million barrels per day], yielding a world oil production of 110.6 mbd by that date….

This would represent the most significant increase in any decade since the 1980s.

At present total world production of oil is estimated at 73 mbd, and so if Maugeri is correct, that 110 mbd production will be 50 percent higher than today. That will confirm Maugeri’s prediction this “could be a paradigm-shifter for the oil world.”

Maugeri’s credentials are impressive. For 10 years he was the senior economic advisor to

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The Oil Bubble is Good for U.S. Manufacturing

A bubble.

The rising oil production from North Dakota’s Bakken Formation now equals that of Alaska’s Prudhoe Bay for the first time, according to the Wall Street Journal, due to technological breakthroughs such as fracking.

The recent surge in oil prices from under $80 a barrel last summer to over $110 per barrel in February has prompted a flurry of activity by oil producers to get in on the action. The price of leasing properties thought to hold millions of barrels of reserves has exploded, in some cases tenfold, in Pennyslvania, Texas and elsewhere. These are prices not seen since before the onset of the Great Recession in 2007, with Chinese, French and Japanese explorers committing $8 billion just in the last two weeks to secure oil leases.

Marubeni Corporation, a Japanese commodity trader, agreed to pay $25,000 an acre for a piece of Hunt Oil Company’s Eagle Ford shale property in Texas, while Marathon Oil closed on a lease nearby at $21,000 an acre. Leases in Utica shale in Ohio and Pennsylvania jumped ten-fold in just five weeks to $15,000 an acre.

Others, such as Exxon Mobil and Royal Dutch Shell are reconsidering deep-water discoveries in West Africa and in the Gulf of Mexico now that

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Gas Prices Up, Obama Poll Numbers Down

$4.06 Gas Prices, Lewiston, Maine, Cumberland ...

As gasoline prices approach (and in some places exceed) $4 a gallon nationally, the president appears to be taking much of the blame with two recent polls showing sharp declines in support for his handling of the issue.

The latest Washington Post/ABC News poll now shows a record number of Americans giving the president “strongly” negative reviews on his handling of the economy. Nearly two-thirds of those polled say they disapprove of how he is handling gas prices compared to just 26 percent approving—his lowest rating by the poll. Specifically, 59 percent of those polled disapprove of his handling of the economy in general, a jump of 9 points in just one month and this despite the appearance of some signs of an improving economy. Most of the damage being done to Obama is among independents with 57 percent now disapproving, along with 66 percent of white non-college graduates disapproving as well.

The New York Times/CBS poll also showed the president losing 9 percentage points of approval during the past month, with 47 percent of those polled voicing their disapproval.

In a third poll by the Christian Science Monitor two-thirds of those polled say that the government should allow increased production from offshore wells and from shale deposits on federal lands as a way to increase supply to bring down prices. 54 percent favor drilling in the Arctic National Wildlife Refuge (ANWR) in Alaska, while 47 percent favor rolling back some environmental restrictions to help increase energy production. That poll also reflected expectations that the price of gas will exceed $4 a gallon nationally within the next three months and one-third of those polled are expecting $5 a gallon gas by summer.

The president’s response has been, as it has been since his election, to push for alternative energy resources such as renewables and wind. His recent decision to stop the Keystone XL Pipeline project reflects his commitment to raising prices on oil in order to make alternatives more attractive. His comment on Saturday’s weekly address that “We can’t just drill our way to lower gas prices,” reflects that ideology.

In North Dakota, however, that is precisely what is being done to increase oil production, with North Dakota on track to overtake

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North Dakota: A Study in How the Free Market Works

English: An Oil Pump in western North Dakota

The continuing boom in North Dakota seemingly has no end. Last June oil production from the Bakken Formation exceeded 11 million barrels a month. In February it reached 16 million with estimates that by late spring North Dakota could be producing more oil than either California or Alaska. That’s more than double what the state produced just two years ago.

The population boom in Williston and elsewhere continues to set records. The oil industry employs more than 30,000 people and could exceed 100,000 if production rises as expected to a million barrels a day. There are so many job openings that the state is sponsoring trade fairs across the country and has to deal with—are you ready?—budget surpluses!

Comparisons between North Dakota and other states struggling with deficits and high unemployment abound. Steve Moore wrote about it in the Wall Street Journal, noting that North Dakota has a budget surplus of $1 billion out of a $3.5 billion budget and it has already cut income taxes and is considering further reductions. Complete funding for the state’s pension plan is accomplished every year and the state is building “infrastructure” projects: roads, bridges, railroads and pipelines.

Moore compares this to the issues facing California: five straight years of budget deficits with the current fiscal year’s shortfall expected to exceed

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Rising Oil Production in Alberta: More Evidence Disproving Hubbert’s Peak

English: Alberta, Canada Français : Alberta, C...

The latest report from the Calgary Herald (Alberta, Canada) was nothing but good news: The steadily declining production of light oil from 2002 to late 2010 has reversed itself completely and is now not only proving the power and principles of a free market but “will change the way we think about oil, with many weighty consequences…” says blogger Peter Tertzakian. The graph he provided here shows Alberta’s production declining by about 16,000 barrels per day (B/d) every year since 2002, dropping to just over 300,000 B/d in late 2010. Now, thanks to new capital, new technology, and new enthusiasm, production is close to 400,000 B/d. It also “could heighten the blood pressure of a few peak oil theorists,” said Tertzakian.

He refers to the theory first offered by M. King Hubbert in 1956 that claimed that oil production in the United States would reach its peak between 1965 and 1970 and begin to decline thereafter. It was based upon the assumption that the amount of oil reserves is fixed and that it is analogous, according to peak theory supporter Colin Campbell, to a glass of beer: “The glass starts full and ends empty, and the faster you drink it, the quicker it’s gone.”

From that theory, Hubbert then claimed that this would drastically alter life in the United States, predicting chaos, war, starvation, economic decline and possibly even the extinction of mankind.

As Daniel Yergin (Pulitzer Prize-winner for his book The Prize: The Epic Quest for Oil, Money and Power) noted in the Wall Street Journal, this prediction of the “end of the world as we know it” was one of many such predictions, each one of which never came true. “Hubbert’s Peak” moved from the 1970s to 2005 and then to 2011, and is now expected sometime before the year 2020. But it’s all based on one primary faulty assumption: that the

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Drones: Newest Tool of the Surveillance State

English: Air Force officials are seeking volun...

Evidence that New York City is considering using drones to keep an eye on its citizens is growing, according to Don Dahler of New York’s CBS Channel 2. Dahler quoted an email it obtained indicating that a detective in the New York Police Department’s counterterrorism division asked the Federal Aviation Administration “about the use of unmanned aerial vehicles [UAVs] as a law enforcement tool.”

Dahler noted that NYPD commissioner Joe Kelly suggested that drones would be useful: “In an extreme situation, you would [then] have some means to take down a plane.” A spokesman for the NYPD admitted that “We’re always looking at technology. Drones aren’t that exotic anymore. Brookstone sells them. We’ve looked at them but haven’t tested or deployed any [yet].”

A retired officer from the department said that the use of drones would help protect the police from physical danger: “Not only would it be a form of surveillance gathering to protect the public, it also in many respects removes the officers…from harm’s way.”

UAVs, or drones, have benefitted enormously from advances in technology. Increasingly used in the wars in Iraq and Afghanistan to target terrorists, drones can take photographs of license plates and citizens’ faces from elevations of 10,000 feet. They are essentially silent and can be maneuvered by the operator located miles away in a small government cubicle. They can fly at night and take pictures using infrared and ultra-violet technology. They can stay in the air up to 20 hours at a stretch, with improvements using solar panels likely to extend such operations around the clock. The drones’ technology can see through dust storms and roofs and walls of buildings, and even below the earth’s surface. In other words, drones’ capabilities mean there is no place to hide.

This capability extends the reach of the surveillance state even beyond the

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Not All Economic News is Bad News

English: There's a light at the end of the tun...

Republican presidential candidate Ron Paul noted on Tuesday that efforts to rein in government spending appeared to be in vain, due to an agreement reached with the White House during the recent debt ceiling negotiations. Congress would have to pass a joint resolution to oppose any extension of the debt ceiling, which President Obama is free to veto. Said Paul: “A default is becoming more mathematically unavoidable with…every debt ceiling increase.”

Not only is the word “default” becoming commonplace but also the words “economic collapse.” A study conducted by Leflein Associates and published by EcoHealth Alliance showed that of the 1003 individuals interviewed for the survey, 63 percent—or more than six out of ten of them—feared an “economic collapse” more than a natural disaster, a terrorist attack or a global outbreak of disease. This study was picked up by Michael, the author of his Economic Collapse Blog, who piled on by adding a long list of reasons why concerned citizens should be afraid of such an event: 

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Latest Housing Numbers May be an Aberration

English: Foreclosure Sign, Mortgage Crisis

The spate of good news about the economy, headed up by the National Association of Realtors (NAR)’s report that pending home sales increased by 7.3 percent in November from October, has resulted in improved outlooks by many observers, along with warnings from others not to get overly confident.

Even Lawrence Yun, NAR’s chief economist, was cautious in his announcement, perhaps chastened by NAR’s admission last week that they had overstated sales for the past five years: “Housing affordability conditions are at a record high and there is a pent-up demand from buyers who’ve been on the sidelines, but contract failures have been running unusually high.” And to avoid making the same mistake twice, Yun said that some of the increase in pending home sales may be people who couldn’t qualify before who are attempting to make another purchase now.

The pending home sales index hit 100.1, the first time it has been over 100 since April of 2010 when sales were goosed by the expiration of the government’s homeowner tax credit. Actual home sales were up in November as well, hitting a seven-month high, according to the Commerce Department.

New construction activity is inching higher along with builder confidence while the inventory of homes for sale is declining. Aaron Smith, an economist at Moody’s Analytics, was cautious: “It looks like buyers are

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The Story Behind the Best- and Worst-Run States

Seal of Wyoming

In its second annual survey of the best- and worst-run states, 24/7 Wall St. noted some significant changes but the same message: “States can do a great deal to control their fate.”

The report noted:

Well-run states have a great deal in common with well-run corporations. Books are kept balanced. Investment is prudent. Debt is sustainable. Innovation is prized. Workers are well-chosen and well-trained. Executives, including elected and appointed officials, are retained based on merit and not politics.

Based on data collected from numerous sources such as Standard & Poor’s, the Bureau of Labor Statistics, the U.S. Census Bureau, and the Tax Foundation24/7 Wall St. then ranked each state on its performance in 10 categories. The study concluded that the best-run state was

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Smackdown: Green Jobs vs. Real Jobs

English: Wind Turbine

The Wall Street Journal virtually called the Obama administration’s efforts to create “green” jobs a joke, decrying the President’s efforts to jump-start the economy with them as mere “conjuring” and suggesting instead that he drop his “ideological illusions” and face reality.

The reality is that no matter how much of other people’s money the President throws at the “clean” renewable alternative energy sector to force it to generate jobs, his efforts have been an abysmal failure. The name Solyndra is now synonymous with “loser” and the Washington Post reported last month that Obama’s green loan program of $38 billion has created just 3,500 jobs in two years instead of the 65,000 anticipated by the White House.

Instead, real jobs are being created in the real energy industry—in Pennsylvania, North Dakota, Texas, Louisiana, and Oklahoma. In the first six months of this year,

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American Oil Development Undermines Green Movement, OPEC

Oil Derrick

The September 15 report from the National Petroleum Council expressed surprise at how much has changed just since their “Hard Truths” report of 2007 that domestic energy development was falling behind escalating demand.

The “Hard Truths” report stated that although “the world is not running out of energy resources…there are accumulating risks to continuing expansion of oil and natural gas production…[which] create significant challenges to meeting projected total energy demand.” As a result, the concept of “Energy Independence” is “not realistic in the foreseeable future” and therefore “the United States must moderate the growing demand for energy.”

In NPC’s letter to Secretary of Energy Steven Chu introducing the latest study, chairman James Hackett said

Extraordinary events have affected energy markets in the years since the NPC reported on the “Hard Truths” about energy in 2007. That study concluded that the world would need increased energy efficiency and all economic forms of energy supply.

This is still true today, but since then,

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The Oil Map of the World Is Shifting to the West

Trans-Alaska Oil Pipeline

Writing in the Washington Post on Friday, Daniel Yergin, author of The Prize: The Epic Quest for Oil, Money and Power (which was adapted into a mini-series by PBS in 1992) explored the shift of oil’s epicenter from the Middle East to the Western Hemisphere, expressing his surprise that “what appeared to be irreversible is being reversed.” He explains:

The new energy axis runs from Alberta, Canada, down through North Dakota and South Texas, past a major new discovery off the coast of French Guyana to huge offshore deposits found off Brazil.

The transformation is happening not as part of some grand design or major policy effort, but almost accidentally. This shift was not planned—it is a product of

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Bernanke’s Invisible QE3 and the Austrian School

Wall Street

Image via Wikipedia

Wall Street professionals’ expectations are modest over Federal Reserve Chairman Ben Bernanke’s highly anticipated remarks at the Jackson Hole symposium this Friday. Unlike last year when the chairman announced the start of his program to purchase government securities in order to keep the economy from slipping into a recession and possibly deflation, known as Quantitative Easing II (QE2), his options now are much more limited. The anticipated bounce in the economy has fizzled, inflation is increasing, the banks are stuffed full of reserves but few are borrowing, and interest rates

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Many of the articles on Light from the Right first appeared on either The New American or the McAlvany Intelligence Advisor.