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Old 11-16-2012, 06:30 PM   #97
lonestar
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Default Chronicle November 14, 2012

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Chronicle November 14, 2012
The Foundation

"The essence of Government is power; and power, lodged as it must be in human hands, will ever be liable to abuse." --James Madison


Obama's energy policy

"Sometimes the revolution politicians seek isn't the one they get. Consider the irony -- and the opportunity -- in Monday's report that the U.S. is likely to surpass Saudi Arabia as the world's largest oil producer as early as 2020. In its annual world energy outlook, the Paris-based International Energy Agency (IEA) says the global energy map 'is being redrawn by the resurgence in oil and gas production in the United States.' The U.S. will increase its production to about 23 million barrels a day in 10 years from about 18 million barrels a day now, the IEA predicts. ... The biggest potential threat may come from federal regulation in Mr. Obama's second term. Though he tried to take credit for the fracking revolution in his second debate with Mitt Romney, his EPA has long wanted to supplant state regulators and will grab any opportunity to do so. Perhaps the election of pro-fracking Democrats like soon-to-be Senator Heidi Heitkamp of North Dakota (home to the monster Bakken Shale field) can give the new energy revolution some needed bipartisan buy-in. Historians will one day marvel that so much political and financial capital was invested in a green-energy revolution at the very moment a fossil fuel revolution was aborning. But politicians failing to spot the trend until they start taking credit for it is an old story. Let's hope they don't ruin it now that they've noticed." --The Wall Street Journal
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