Lying is not going to rebut Newt Gingrich’s compelling understanding of America’s energy policy and huge energy reserves.
In a speech that the Gingrich campaign has begun broadcasting around the country, and which is posted at Newt.org, Gingrich presents a unique new vision for a booming American economy. I think you will find it pathbreaking. It is so compelling that it drew Obama into a transcontinental debate with the former Speaker, the first exchange that Obama has decisively lost since he appeared on the national stage.
Gingrich began the explanation of his vision like this:
What if we had a program that enabled the American people to develop so much new energy that we were, in fact, no longer reliant on Saudi Arabia, Iraq, Iran. We didn’t care what the Iranians did in the Strait of Hormuz because we were safe in national security terms.
What if that new energy program created well over a million new jobs, high-paying jobs, jobs that put Americans back to work and kept the money here at home that we had been sending overseas, giving us a dramatic improvement in our balance of payments, strengthening the dollar and giving us a chance to live much freer and more independently?
What if that very idea also meant that we’d also have dramatic increases in federal revenue… without a tax increase but that, in fact, the federal government would have literally an entire new stream of money?
And finally, what if that big new idea meant that you personally were better off because you are buying gasoline for $2.50 a gallon, not for $3.89 or $4 or what some people project by the summer could be could be $5 or more?
How is that possible, you ask? Well, that is what is exciting, and that is one of the reasons I am running for President.
Gingrich begins demonstrating the new vision by pointing to the Bakken geologic formation in North Dakota, which turns out to hold far, far more oil than the U.S. Geological Survey used to think, 25 times as much in fact, or 2,400 percent more. That Bakken breakthrough exists today “because it is on private land, and liberals weren’t able to block us from developing it,” Gingrich explains.
The result is that the official unemployment rate in North Dakota is 3.5 percent, with nearly 20,000 jobs paying $60,000 to $80,000 a year remaining unfilled for lack of sufficiently skilled applicants. Revenue from the booming growth is gushing into the North Dakota state government so fast that after seven consecutive tax cuts, the state enjoys a rainy day fund of several billion dollars, even though the entire state budget is only $2 billion.
Gingrich then projects, “If North Dakota has that much energy, how much do we think we have everywhere else? Turns out, we may have more oil in the United States today, given new science and technology, than we have actually pumped worldwide since 1870. We may, in fact, by one estimate have three times as much oil in the United States as there is in Saudi Arabia.” Or as there ever was in Saudi Arabia.
Then there is a parallel revolution in natural gas. We have long known there was a lot of natural gas in shale, but we did not know how to get it out. As recently as 2000, people thought we had seven years of natural gas supply left in the United States. Investors began committing big funds to building facilities for importation of liquefied natural gas from the Middle East.
But then entrepreneurs began applying to shale rock formations the horizontal drilling techniques that had been developed for deep water ocean drilling, where the most had to be gotten out of one hole by drilling in every direction. Combine that with the long-time technique of fracking, breaking up the shale rock with steam, water and sand (supposedly so scary to “environmentalists”), and the net result, Gingrich elaborates, is that
[W]e now have in shale tremendous amounts of natural gas that is recoverable. In one short decade, we went from 7 years of supply to over a hundred years of supply because science and technology had improved so much. Furthermore, instead of us importing liquefied natural gas from the Middle East, there is now serious talk that we’re going to build facilities in Houston… to ship liquefied natural gas to China.
But this is all just the beginning, because, as Gingrich adds, “in places like the Marcellus Shale in Western Pennsylvania, in eastern Ohio, cutting down along the Appalachians, all the way out to Dallas, Texas, there is formation after formation after formation.”
What that means is what I reported last year in my book, America’s Ticking Bankruptcy Bomb. America has the resources to be the world’s number one oil producer, number one natural gas producer, number one coal producer, number one nuclear energy producer, even the number one alternative energy producer. The reason you never heard about this before, as Gingrich explains, is that “the politicians in Washington, the old-time establishment, the elite news media, the bureaucrats, don’t have a clue what’s possible, or in some cases, they have a clue and they are opposed to it.”
A man of faith in a godless age is hitting Americans where it hurts.
Mr. and Mrs. American Spectator Reader, let P.J. O’Rourke talk sense to your kids.
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The debacle of this president’s administration is both a cause and a symptom of the decline of American values. Unless Congress impeaches him, that decline will go on unchecked. An eminent jurist surveys the damage and assesses the chances for the recovery of our culture.
It won’t take long for conservatives to scratch this presidential wannabe off their 2008 scorecard.
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H/T to National Review Online