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Must Read: Saleri's Opinion Piece in WSJ 3-9-11
Raymond Richman, 3/10/2011

In the WSJ, today March 9, 2011, Nansen G. Saleri, President and CEO of Quantum Reservoir Impact in Houston, Texas, in an opinion piece entitled “Our Man-Made Energy Crisis” argues that, “At current rates of global consumption, there are sufficient oil and gas supplies to last well into the next century.” He writes:

What’s missing is a coherent U.S. energy policy. At best, the Obama administration’s approach to U.S. domestic oil and gas production can be characterized as a strategy of ambivalence, an uneasy equilibrium between desire to lessen the role of fossil fuels and the reality of their necessity in a functioning U.S. economy. Last year’s Deepwater Horizon tragedy in the Gulf tilted the current administration’s policies to an even more punitive posture vis-à-vis domestic energy production.

We are in agreement with everything Mr. Saleri has written.  

We would like to add, as we pointed out on this site, Feb 8, 2011, in a piece entitled A Quick Economic Recovery With Jobs, Jobs, Jobs:

1.  Get our foreign trade in reasonable balance. How do we accomplish this? We have invented what we call the “scaled tariff” which is imposed only on those countries with which we are experiencing large chronic trade deficits. Balancing trade will put million workers back to work in a very short time, some almost immediately, because of the stimulus of simply announcing the policy.

2. A new technology has unleashed a glut of natural gas from shale. American natural gas resources were slowly declining for decades.  Only a few years ago, the talk was about building liquefied natural gas (LNG) ports to import natural gas (many were built).  Now the talk is about building LNG ports to export LNG from the U.S.  In the past few years U.S. gas reserves have essentially doubled and stand nearly triple the energy value of domestic oil.  Drilling from Texas to Pennsylvania and in many more states now provides nearly half of America’s gas production. We should move immediately to convert buses and trucks to natural gas as T. Boone Pickens has urged.”

3. Suspend the environmental restrictions on the drilling and refining of oil which resulted in the banning of exploration and drilling for oil on all public lands and offshore in the Atlantic and Pacific. The result was the increasing dependence of the U.S. on imported oil and the loss of millions of productive jobs in exploring, drilling, processing, transporting, and marketing oil. These restrictions were imposed at the request of environmental groups …committed to the notion of man-make global warming. Thank God for the global warming that gave us the Great Lakes and a temperate climate without man being around to burn fuel. The truth is we have an environmentalist-caused energy crisis.

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  • [An] extensive argument for balanced trade, and a program to achieve balanced trade is presented in Trading Away Our Future, by Raymond Richman, Howard Richman and Jesse Richman. “A minimum standard for ensuring that trade does benefit all is that trade should be relatively in balance.” [Balanced Trade entry]

    Journal of Economic Literature:

  • [Trading Away Our Future] Examines the costs and benefits of U.S. trade and tax policies. Discusses why trade deficits matter; root of the trade deficit; the “ostrich” and “eagles” attitudes; how to balance trade; taxation of capital gains; the real estate tax; the corporate income tax; solving the low savings problem; how to protect one’s assets; and a program for a strong America....

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  • In Trading Away Our Future   Richman ... advocates the immediate adoption of a set of public policy proposal designed to reduce the trade deficit and increase domestic savings.... the set of public policy proposals is a wake-up call... [February 17, 2009 review by T.H. Cate]