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Oil May Be Finite, But U.S. Production Is Ramping Up
Hugh Pickens writes "The WSJ reports that the discovery of the gigantic and prolific Bakken oil fields of Montana and North Dakota have already helped move the U.S. into third place among world oil producers, and according to Harold Hamm, CEO of Continental Resources, the 14th-largest oil company in America, if fully developed the field in Bakken contains 24 billion barrels, doubling America's proven oil reserves. One reason for America's abundant supply of oil and natural gas has been the development of new drilling techniques, including 'horizontal drilling,' which allows rigs to reach two miles into the ground and then spread horizontally by thousands of feet." Not surprisingly, Hamm considers some of the current administration's loans and subsidies for alternative energy ventures to be misplaced.
Regulations are so tight that Mr. Hamm has only been able to make the top 50 wealthiest Americans. This administration is killing billionaires! When a hard working man can't go from say, number 33 to number 5 in total wealth, it is time for us to realize Obama is killing oil production! (and now for something completely different)
Liberals aren't bad because they hurt billionaires, on the contrary, most billionaires are Liberals. Liberals are bad because of the one difference they have from conservatives: Liberals believe it is ok to hold a gun to someone's head and demand they spend their money this way or that, Conservatives only believe it is ok for defense spending. If you don't believe it - stop paying your taxes and see what happens.