OilDaddy

Why "Drill, Baby, Drill!" Does Not Translate Into Effective National Energy Policy

Given the opportunity, individuals who walk around with their heads in a fog and, therefore, cannot see the forest for the trees will always come up with assinine conclusions based upon illogical reasoning rather than upon actual work experience in the subject business or industry they're trying to convince readers they know something about! What's missing from the graphical presentations to explain the declines in drilling activity between 1958-1973 and 1986-2003 is the non-inflation adjusted prices of oil which in the 1960's, seriously dismantled the domestic oil industry's infrastructure and in the late 1980's and 1990's completely destroyed the domestic and seriously dismantled the international oil industries' infrastructure leaving the world in today's oil supply shortage situation with the necessary manpower and equipment needed to bring about an early reversal.

Had the U.S. Congress not gotten the Supreme Court in 1955 to give it the right to control natural gas prices at the wellhead and then use imports rising from 1MMBPD to 6MMBPD of cheap foreign oil to hold domestic oil prices under $3/B from 1958 to 1973, U.S. oil production would not have peaked in 1970, OPEC would not have been formed and steady expansion of U.S. and Middle East oil production would have taken place to prevent the world oil supply shortages that occured in 1973 and 2003 as a result of the industrialization of Japan and the Rest of SE Asia during the 1960's and the industrialization of China and India during the 1990's.

Illogical government policies derived by brain-dead, socialism breathing, college professors with grudges against the industrial world which refused to hire them due to their lack of competence and common sense is what resulted in destroying the Country's once healthy energy mineral producing industry. How do I know? Because for forty years I was involved in positions having to work with such imbeciles who would accuse me of being too logical when I objected to their manner of reasoning. I've even had them respond when I accused them of wanting to destroy the domestic oil industry with their "low oil price to stimulate economic policies" with "Japan built its economy without an oil industry, so the U.S. doesn't need one either"!