Tags: Oil | Boom | Nebraska | Montana

All Hail Obama Oil Boom

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Monday, 06 May 2013 10:29 PM

By Herman Cain

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Remember all that talk about how we had to immediately wean ourselves off oil and start using alternative energy because we were going to run out of fossil fuels?

Never mind!

In recent days, the government, which is run by the very same people who hate the oil industry and can’t wait to tax and regulate it out of existence, acknowledged that newly discovered oil resources in North Dakota and Montana are far more extensive than anyone thought.

According to the latest estimate from the U.S. Geological Survey, we’re looking at 7 billion barrels of oil and 0.7 trillion cubic feet of natural gas. How much is that? It’s enough that it puts North Dakota ahead of Alaska as an oil state, and even puts it in a position to approach Texas as America’s oil leader.

There is some thought that even this estimate might be low, and that we might be looking at more like 15 billion barrels once modern fracking technology has a chance to go to work. But even if the current estimate is all there is, it is still enough to pump for the next 20 years.

This is great news, and huge opportunity to boost not only America’s energy independence but its overall economy as well. And it doesn’t require the government to do much other than to get out of the way. You don’t think that’s going to be a problem, do you?

Already, major investors from across the globe are descending on North Dakota. Folks there recognize that, yes, this will change their way of life, but it will change it in the direction of prosperity.

Oil on private land can be pumped using private capital and private resources. Whether it is ultimately sold in the U.S. or exported, it puts us in a stronger economic condition as we look at overall energy markets and prices.

When most of the energy resources are controlled by nations that are unfriendly to us, we are at the mercy of their whims concerning how much to produce, how much to distribute, and ultimately what people pay.

The discovery in North Dakota will change that in a big way, as long as the federal government doesn’t get in the way by imposing new regulations and taxes on operations up there.

And if you want to talk about job creation, you can scarcely create a better job than one that’s used to supply a badly needed resource to businesses and consumers around the world.

When you produce oil, people will buy it and use it, so jobs in this newly burgeoning segment of the American oil industry will likely be secure and good-paying.

By the way, if you are a fan of alternative energy, you should see this as good news. Why? Because it means America has plenty of oil for the foreseeable future, and those who love wind, solar and biofuels can now take the time to let the technology associated with alternative energy mature.

That’s a much better plan than trying to rush them to market, before demand has materialized, with massive government subsidies that merely produce bankrupt companies and political embarrassment.

Believe me, if alternative energies can one day prove reliable, people will use them. Until then, though, we don’t need to rush it or waste taxpayer money on it. We’ve got plenty of oil — far more than we ever thought. And I for one am smiling at the irony that we discovered this boom during a presidential administration that has tried everything it can think of to demonize and marginalize oil.

All hail the Obama oil boom! It just goes to show that America’s greatest blessings don’t come from politicians and government. Once again, we find ways to prosper in spite of them.

Following the conclusion of his presidential campaign, Herman Cain established The Cain Solutions Revolution, an organization whose mission is to educate the public and advocate for the policy solutions that drove his campaign for the presidency. Read more reports from Herman Cain — Click Here Now.

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