AUSTRIAN ECONOMICS ADDICT

Mark J. Perry at CarpeDiemBlog visited the Bakken oil fields in North Dakota and has written about what he learned in these two must read posts titled, Ten Things I Learned On My Summer Trip To The Bakken Oil Fields Part I click here, and Part II click here. These articles tell the story about every aspect of fracking. You will be amazed when you read how fracking works, from walkable drilling platforms, directional drilling, frac sand, 3-D seismic imaging, and geo-steering to name a few.

Even though Saudi Arabia is trying to drive the price of oil down in an attempt to make it unprofitable for American Fracking to produce oil at the lower price, hydraulic fracturing is becoming an increasingly more cost-effective way of extracting oil from the ground due to the advances in technology and human ingenuity. What’s left of Americas culture of freedom has produced a fracking miracle. There are so many known and yet to be known areas of our economy that are poised for a miracle if Government will just get out of the way.

ANIMATION OF HYDRAULIC FRACTURING

GOVERNMENT IS AGAINST LOW COST ENERGY

The Federal Government has spent billions of our tax dollars trying to make “green energy” a viable alternative to fossil fuels, at the same time they are trying to hamper the fracking revolution. Here is what I wrote in a previous post titled Politicians “Affordable” Ideas Must Obey Economic Forces.

“Market forces are more powerful than the hoped for results of central planners. The most recent example of this is the boom in oil and natural gas production, created by hydraulic fracturing [ fracking],which is taking place on private land in spite of Government policies. Our politicians shut down some Government lands to oil exploration, and made the process of getting permits for exploration on remaining lands more time-consuming [costlier]. They used their power, and our tax dollars, to promote and invest in, “green energy”. Green energy was going to create new jobs and lead our economy into the future; do you remember Van Jones the Green Jobs Tzar. As always, the plans by our best and brightest politicians, must be obedient to economic forces. Green energy has, and is, going bankrupt, in spite of being propped up by Government incentives  and our tax dollars. They tried to make carbon based fuels more expensive through regulation, and green energy more affordable through tax payer subsidies; and even with all this Government help, the economic reality that green energy produces less energy at a higher cost, and carbon based fuel produces more energy at a lower cost, can’t be overcome.”

“This article titled, “Fracking Revolutionized American Energy As Green Energy Failed“, by Conn Carroll at washingtonexaminer.com, shows how the President went all in on green energy, at tax payers expense. We are witnessing what Robert Bradley Jr., at masterresource.org, has stated so well, “When Government tries to pick winners and losers, it typically picks losers. Why? Because in a free market consumers pick winners to leave the losers for Government”

Related Article – Government Investment Or Government Waste, at austrianaddict.com. Look at the list of failed government subsidized  green energy companies in this post.

Related Article – The Hidden High Cost Of Green Energy, at austrianaddict.com.

This entry was posted on June 23, 2015 at 12:36 am and is filed under Government and Politics. You can subscribe via RSS 2.0 feed to this post's comments.

Tags: Bakken Oil Fields, Carpe Diem Blog, Fracking Revolution, Free Market vs Government Solutions, Green Energy Fails, Mark J. Perry