The current US energy strategy, driven by the erroneous beliefs that oil is a fossil fuel and that its supply will soon be exhausted, and that burning coal causes global warming, is illogical. Given the fact that oil is abiotic and is in continuous production deep down in the earth’s crust, at rates far in excess of what mankind could ever conceivably consume, it makes absolutely no sense for any nation to buy it from foreign sources if it is cheaper to drill for and pump its own – and that is precisely what the US should be doing immediately, without ever needing to go near the wildlife reserves in Alaska.
If the US switched from being a net consumer in the world oil market to becoming a net supplier, the price of oil would plunge, perhaps to around $US30 per barrel, with the result that the world’s economies would boom as never before. Most importantly, people would have confidence to invest in their futures, safe in the knowledge that oil would never run out. An extra bonus would be that the US military-industrial-political complex would no longer feel the need to use military force to control the Middle East’s oil supplies, and neither would any other world power.
