Presidential candidate Mitt Romney understands that achieving this goal requires unleashing American ingenuity, reducing excessive regulatory strangleholds on businesses and working capital, and allowing safe, proven technologies to tap and utilize our vast onshore and offshore deposits of oil, natural gas and other energy riches. He knows we can do all this without sacrificing important environmental values.
President Obama fervently believes the solution is to unleash more taxes, regulators and regulations, keep our subsurface resources off limits, and compel a painful transition from hydrocarbons to wind, solar and biofuel energy. He aligns with and listens to environmentalist agitators who detest hydrocarbons, frighten people into thinking fossil fuel production and use will destroy the planet, and conceal the adverse health, economic and environmental effects of “green” energy “alternatives.”
The Obama vision has been an unmitigated disaster. Countless failures, bankruptcies and layoffs are matched by a need for perpetual subsidies – taken from hard-working, productive people and businesses, and given by unaccountable bureaucrats to failed technologies and companies, run by crony-corporatists who return the favor by contributing substantial portions of our compulsory taxpayer largesse to the reelection campaigns of cooperative politicians.
The Romney vision, by contrast, actually works. Bain Capital investments brought us Staples, The Sports Authority, Steel Dynamics and many other success stories. More recently, on the energy front, America’s private sector ingenuity, sweat and perseverance launched new technologies and discoveries that abruptly ended the myths of “peak oil” and “imminent depletion” of US and global petroleum.
Horizontal drilling and hydraulic fracturing, for example, was developed by private industry, funded by private investors and tested on private lands. It did not have to depend on taxpayer subsidies, approval by federal bureaucrats, or access to shale deposits on federal lands.
Had it been otherwise, “fracking” would never have gotten off the ground. The incredible North Dakota, Texas and Pennsylvania oil, gas, jobs and revenue boom would never have occurred. Vast deposits of oil, natural gas and natural gas liquids would have remained trapped in shale rock formations, thousands of feet below Earth’s surface.
Be the first to read Paul Driessen's column. Sign up today and receive Townhall.com delivered each morning to your inbox.
NYT Journalist Wonders: "Free Speech Aside" Why Would Anyone Hold A Contest to Draw Muhammed? | Katie Pavlich