U.S. Tops in Energy Resources - HUMAN EVENTS

Did you see this recent headline?  For some reason I missed it too.  Found it on Drudge or some other internet site.  It is based on a report from a US Congressional Committee.  Wonder why it hasn't seen the light of day? 

Here are the particulars:

The United States has largest energy reserves on Earth, according to a report from the Congressional Research Service.

 As shown in the charts below, the U.S. has 1,321 billion barrels of oil (or barrels of oil equivalent for other sources of energy) when combining its recoverable natural gas, oil and coal reserves.
While Russia is a close second with 1,248 billion barrels, other energy producing nations are far behind. No. 3 is Saudi Arabia (543 billion barrels), followed by China (494 billion barrels), Iran (426 billion barrels) and Canada (221 billion barrels.)

In addition, the report stated that the United States has tapped into only 13% or 21 billion barrels of its oil reserves, with the other 87% still untouched.

The report also noted that the United States has 28% of all the world’s coal reserves, with Russia again coming in second with 19%.

Click on the link for the rest of the article and some really good charts. 

U.S. Tops in Energy Resources - HUMAN EVENTS

The Importance of Character - The Acton Institute

To the right I have a link to the Acton Institute. If you've never visited the site, you should. Acton is devoted to free-market thinking and economic policy as informed by Judeo-Christian ethics and worldview. Based in Grand Rapids, Michigan it draws people from many different Christan traditions who write, think, lecture and teach about the nexus between faith and free-market economics.

Recently I was sent a link to an important lecture: The Importance of Character in a Free Society, by my friend, Dr. Lawrence W. Reed. Given the current economic turmoil of our nation it is easy to speculate about what went wrong and who is to blame. Watch this lecture and then take a look in the mirror: the answer might be closer than you think.

Video Archives - The Acton Institute

God, Atlas Shrugged, & Capitalism

Recently I've heard the term, Atlas Shrugged, numerous times and in numerous places as folks describe the current economic situation facing our nation. Eventually I learned that it referred to a work penned by Ayn Rand. At first I thought it was an essay but later found out that it was a novel.

Over lunch a friend gave me a brief introduction to Ayn Rand, and the book, Atlas Shrugged.
It was written to describe what would happen if providers (entrepreneurs and corporations)stopped producing because of over-regulation and over-taxation. It has piqued my interest and will be something I read in the very near future.

If you are unfamiliar with Ayn Rand, or Atlas Shrugged, here is a brief introduction written by a believer who is also a professor of economics: God, Atlas Shrugged, & Capitalism My understanding is that she rejected God and Christianity but upheld freedom, capitalism, and free markets. Apparently she wasn't the nicest person to be around either.

Here is an interview she did with CBS journalist, Mike Wallace: Ayn Rand Mike Wallace Interview 1959 part 1 I couldn't help but notice the cogent discussion between the two of them as compared to the vapid interviews of our own day.

Shocking Video Unearthed Democrats in their own words Covering up the Fannie Mae, Freddie Mac Scam that caused our Economic Cri

Earlier today I heard about this video clip. What can I say? It is pretty much self-explanatory.

Three Reasons Why You Should Keep Your Truck

As one who drives a truck and whose wife drives an SUV the high cost of gasoline has made it a fairly painful summer. While gas was down to $3.68/gallon today (about $.50/gallon less than 3 weeks ago) it is still a costly proposition to drive these vehicles. We have talked about getting smaller vehicles but after doing the math I'm not sure that there is much of a savings involved.

Today this story caught my eye Three Reasons Why You Should Keep Your Truck - FOXBusiness.com. It follows the same line of reasoning I used and comes to the same conclusion -- it is probably cheaper to drive your truck at $4.00/gallon than to trade it in and begin payments on a smaller vehicle.

Many will probably argue the point but read the article and do the math. As for me and my house we will keep driving what we already own.

Home Foreclosures

This one kind of says it all about home foreclosures.

Brazil Oil Finds May End Reliance on Middle East

With gasoline prices at $3.68/gallon it seems hard to believe that they could ever go back down. It seems that our only hope is alternative fuels, or is it?

A few weeks ago news broke about huge oil reserves that were found off the coast of Brazil. Additonal research as to their size has led to some interesting conclusions. Here are a few excerpts from a fascinating article found on Bloomberg.com:

By Joe Carroll
April 24 (Bloomberg) -- Brazil's discoveries of what may be two of the world's three biggest oil finds in the past 30 years could help end the Western Hemisphere's reliance on Middle East crude, Strategic Forecasting Inc. said. Saudi Arabia's influence as the biggest oil exporter would wane if the fields are as big as advertised, and China and India would become dominant buyers of Persian Gulf oil, said Peter Zeihan, vice president of analysis at Strategic Forecasting in Austin, Texas.

Commenting on two particularly large oil fields the author says...

Tupi and Carioca
Brazil's state-controlled Petroleo Brasileiro SA in November said the offshore Tupi field may hold 8 billion barrels of recoverable crude. Among discoveries in the past 30 years, only the 15-billion-barrel Kashagan field in Kazakhstan is larger.

Haroldo Lima, director of the country's oil agency, last week said another subsea field, Carioca, may have 33 billion barrels of oil. That would be the third biggest field in history, behind only the Ghawar field in Saudi Arabia and Burgan in Kuwait.

The article ends with this comment:

More discoveries will follow in Brazil's offshore basins, most of which have yet to be opened to exploration, Zeihan said. Repsol YPF SA, Exxon Mobil Corp. and Devon Energy Corp. are among the producers scouring Brazil's waters for reserves.
``The finds they've got so far are just the tip of the iceberg,'' Zeihan said. ``Brazil is going to change the balance of the global oil markets, and Petrobras will become a geopolitical supermajor.''

With oil at $120/barrel investors will be lining up to tap into these offshore fields. No doubt Brazil has an interest in seeing these fields developed too. While it will still take years for this oil to reach the marketplace it seems obvious that we won't be running out of it anytime soon. Read the rest here:

Bloomberg.com: Latin America

Random Thoughts: By Thomas Sowell

Dr. Thomas Sowell is an economist, political writer and senior fellow at the Hoover Institute. He writes from a conservative/libertarian perspective.

Here are a few quips from his column:

"Some people actually think that televising Congress gives us information. What it really does is give politicians millions of dollars worth of free advertising, while they play charades on camera to fool the rest of us."

"One way to reduce illegal immigration might be to translate some of our far left publications into Spanish and give everyone in Mexico subscriptions. After they read how terrible this country is, many may want to stay away."

"Whenever I see one of Barack Obama's smooth performances, it reminds me of a saying from my old neighborhood in Harlem: "An eel is like sandpaper compared to you."

"Senator John McCain could never convince me to vote for him. Only Hillary Clinton or Barack Obama can cause me to vote for McCain."

His writing style reminds me of what Jesus said to Nathanael in the first chapter of John's Gospel, "An Israelite in whom their is no guile" (1:39). You can read the rest here:

Townhall.com::Random Thoughts::By Thomas Sowell