The Energy Information Administration (EIA) released new state crude oil production data yesterday for the month of July, and one of the highlights of that monthly report is that oil output in America’s No. 1 oil-producing state – Texas – … read more
As reporter Russell Gold points out in the WSJ today, US oil production began to rise in 2009 and continues to rise today thanks to the oil field innovation of hydraulic fracturing and horizontal drilling. Innovation met scarcity and innovation won. And there are more innovations on the way, according to Gold. But won’t we one day run out of oil? It’s not infinite, after all, right? Actually price and technological advances rather than petroleum supply is more likely to keep plenty of oil in the ground forever. read more
Economists frequently offers carbon taxes as a market-friendly policy for dealing with climate change. It’s pretty simple: tax what you don’t want (or as an economist would put, tax unwanted externalities.) And if you want less fossil fuel consumption and the carbon emissions that go with it, make coal, oil and natural gas more expensive with a levy. But there is a slight– I feel embarrassed even to mention it — problem with carbon taxes, according to Jesse Jenkins of the Breakthrough Institute. read more
Amid all the threats, tragedies, sufferings, violence, and ghastliness afflicting the Muslim world, Mr. Kerry makes it explicit that “climate change is, in the long run, one of the greatest challenges that we face,” the “we” resulting from the eternal truth that “our fates are inextricably linked on the environment,” and “Muslim-majority countries are among the most vulnerable.” read more
