Wednesday, June 27, 2012

A sort of Saudi Arabia within the United States


A study "Oil: The Next Revolution," by Leonardo Maugeri of the Harvard Kennedy School, Belfer Center for Science and International Affairs was published this month.

The first paragraph of the Executive Summary:

"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."

Further on in the report, talking about estimates of the Bakken Field in North Dakota (the state with the lowest unemployment rate in the nation):

A sort of Saudi Arabia within the United States. While the free market delivers reliable, cheap energy to American consumers and industry, the US Government continues to invest in high cost, unreliable sources of energy like solar, biomass and wind.


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