In 1977, President Jimmy Carter warned Americans of a pending "national catastrophe" in a prime time nationally televised speech. "The Oil and natural gas we rely on for 75 percent of our energy are running out." Resources were being depleted so fast that the world "could use up all the proven reserves of oil in the entire world by the end of the next decade," Carter said.
Rather obviously, Carter's end-of-the-world-as-we-know-it prediction didn't happen.
Had Carter been right, by now much of the agenda of the radical environmentalists would have been a fait accompli. Weaning America off oil, natural gas, and coal to heat our homes, power our cars, and run our factories would have taken care of itself due to a scarcity of the resources. But, Carter was wrong – dramatically wrong.
Since America and the World didn't run out of fossil fuel resources shortly after Carter made his doomsday prediction, the anti-oil, gas, and coal crowd lead by Al Gore moved on to the threats of global warming claiming we were doomed to drown from rising seas created by global warming. The culprit again was fossil fuels, of course. Much of that prediction has been debunked or at least greatly minimalized, too.
Instead of running out of oil and gas as Carter predicted, the inventory of America's recoverable domestic reserves has increased dramatically. During the past three decades, scientists and energy industry experts continued to improve techniques to harvest known reserves and discover new ones. A Congressional Research Service report to Congress in late 2009 indicated that America's combined supply of recoverable natural gas, oil, and coal exceeds every other nation on earth; even far greater than Saudi Arabia, China, and Canada combined!
Today, at 11:20 AM PT: Get the Market Movements in Advance; Williams Edge Webinar for July 31st, 2014 | John Ransom
Today, at 11:20 AM PT: Get the Market Movements in Advance; Williams Edge Webinar for July 30th, 2014 | John Ransom
In Other News: Pro-Palestinian Rally in Tel Aviv Broken Up by Rocket Fire from Palestine | Michael Schaus