• Created: Mon 7th Jan 2013
• Erin

Without federal or taxpayer assistance, the oil & gas industry has been able to move dramatically forward with technological improvement versus the so-far, generally unsuccessful green energy industry.  With the exception of wind power (whose time may be short lived depending on taxpayer provided federal tax credits) much of the green energy industry has failed at providing significant new power supply options for automobiles and factories.  By now, cars were supposed to be running on batteries, plant waste or hydrogen.  Solar panels were to be a large contributor to factory and home electricity needs.  Although the federal government has invested billions of dollars of taxpayer money on green energy investment, very little benefit has been observed from it.  But, with new technology in the oil & gas industry, the private sector hunt for old fashioned hydrocarbons has been more successful than ever.  New imaging tools and rock fracturing techniques have led to the United States reporting a 17 year low in oil imports.  Some experts predict the U.S. will once again become the world’s largest producer of oil and gas in just a few short years.  So much for the experts who believed the end of hydrocarbon discovery in significant amounts was at hand.  The hydrocarbon industry has been so successful at doing its job that natural gas has boomed to a 100 year supply and achieved lower commodity prices than anyone believed would be the case.  The land rush for oil producing leases has also boomed across the country and has led to unimaginable reserve additions to both small and large exploration companies.  Bottom line, don’t scrap that gasoline burning hot rod in your garage for now.