The Sierra Club and other environmental pressure groups are redoubling their efforts to “stop fracking in its tracks.” No wonder. The technology is an existential threat to fundamental “green” dogmas.
President Obama and the rest of his Administration remain vigilant in their attempt to convince Americans that “green energy” and “green jobs” are real. The only reality seen in this Administration’s “green jobs” push is the consequence of Big Government intervening into the private markets.
It turns out the United States isn't running out of natural gas -- it is actually swimming in it. It won't need to borrow from its neighbors.
Back in 2005, Hurricane Rita struck the Texas coast, Microsoft (Nasdaq: MSFT) released the Xbox 360 console, the Chicago White Sox won the World Series, and the United States seemed to be running out of natural gas.
The other day, the estimable Wall Street Journal editorial board took issue with the equally estimable T. Boone Pickens, the legendary oilman, over the Nat Gas Act. The Journal argued with its customary lucidity that Pickens' idea of subsidizing natural gas, even for a short period, was ill-advised.
Well, a return to the glory days of 2008, when natural gas briefly touched $13 per thousand cubic feet (MCF) seems nigh on impossible. It's simply hard to envision a scenario where natural gas is once again scarce -- at least in terms of any reasonable investing time horizon.
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