TCTI: Too Crazy Too Ignore
 Dave Ross
oil.jpg
U.S. oil output is surging so fast that the United States could soon overtake Saudi Arabia as the world's biggest producer. (AP Photo/Eric Gay, File)

Remember all that peak oil stuff?

BY Dave Ross  on October 25, 2012 @ 8:57 am (Updated: 9:06 am - 10/25/12 )

While we were all busy tweeting clever cracks about the debates, one of the nation's biggest problems has been quietly mending itself.

"U.S. oil output is surging so fast that the U.S. could soon overtake Saudi Arabia," said one news report.

All of a sudden, we have plenty of oil! The same analysts who usually deliver depressing news have become excruciatingly cheerful.

"The U.S. is now the fastest growing producer of oil in the world," said another report.

I thought that oil-hating bureaucrats had been sneaking around pounding corks in the wellheads, but apparently they missed a few.

"It's a huge game changer. We may never have to worry about an Arab oil embargo again."

It wasn't that Alaska was suddenly opened up, it has nothing to do with a pipeline -- it's mainly because of, high oil prices. Because oil prices are high and are expected to remain high, it's worth it to use expensive drilling methods like fracking.

We should note that not everyone likes fracking, like the people in whose backyard it's happening, and environmentalists.

And they will probably file lawsuits, but those can be settled by regulations and money, instead of soldiers and drones.

In the meantime, analysts at Citibank are saying that by 2020 we'll be producing so much oil that we'll be the new Middle East. Finally! Some other benign superpower can build our schools and roads and bridges. And we will welcome them with roses and bon-bons.

Dave Ross, KIRO Radio Talk Show Host
Dave Ross is co-host of The Ross & Burbank Show on KIRO Radio (weekdays 9-Noon) and never too far from the spotlight.
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Comments (6)


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  • Chuck Gould wrote...
    Shrewd move?
    October 25, 2012 8:29 am
    It's 1970. The corporate board meets. Somebody says, "Gas is retailing at about 20 gals an hour. An average hour's wage will buy 20 gallons of gas. That's too cheap. What shall we do?"

    Somebody else says, "Let's just forget about tapping our domestic fields, where we own 100% of the oil. For the next several decades, we'll suck the oil out of the middle east where we only own 49% of the oil fields. Then when the price of oil gets up to a proper ratio in number of gallons earned per an hour's average wage we can suddenly discover all sorts of ways to begin exploiting our domestic resources!"

    An average hour's wage in 1970 (about $5 per hour) would buy 20 gallons of gas at 25-cents a gallon. The average wage in 2012 is about $23 per hour, and that only buys 5 gallons of gas. Suddenly there is plenty of oil? Who would have known?

    Was BIGOIL really that bright and forward looking?

    Sort of puts the ?????? to Romney's claim that making America "energy independent" would lower prices for crude and refined products; the only way we will be energy independent (apparently) is if those prices are as high as they are now, or higher.

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  • sportsguru wrote...
    Oh boy
    October 25, 2012 4:08 pm
    So we have a candidate who is campaigning as part of his platform to open up more drilling because our current president is blocking drilling but we have been drilling so much that we will over take the middle east in a few years. Ha,ha,ha,ha,
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  • ron prevost wrote...
    and such a well kept secret exposed right before the election.
    October 25, 2012 7:42 pm
    Stay tuned for next week's report that food prices are actually dropping and unemployment has hit 3%.

    But the price of swampland remains exceptionally low.

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  • It's me! Ha ha! wrote...
    Where is the Obama bounce in the polls?
    October 26, 2012 3:49 am
    Since you Parrots will give this credit to your Dear Leader, I guess that the Dear Leader CAN effect the prices at the pump! And after all you Parrots said that it was impossible!
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  • Gar57 wrote...
    Mr Ha Ha...
    October 26, 2012 12:40 pm
    I have a question for you I've been meaning to ask. If Mitt Romney wins and becomes President and i don't vote for him, will he still be "my leader"?
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  • It's me! Ha ha! wrote...
    Mr Ha Ha... October 26, 2012 12:40 pm

    I have a question for you I've been meaning to ask. If Mitt Romney wins and becomes President and i don't vote for him, will he still be "my leader"?

    October 29, 2012 7:22 am
    Don't know Gar. The semantics are up to you!
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