John Tierney of the NYT wins a Julian Simon style bet on oil prices. This is wonderful news for humanity so of course there is wailing and gnashing of teeth among the Enviros. Such humanitarians.
"Giant new oil fields have been discovered off the coasts of Africa and Brazil. The new oil sands projects in Canada now supply more oil to the United States than Saudi Arabia does. Oil production in the United States increased last year, and the Department of Energy projects further increases over the next two decades. The really good news is the discovery of vast quantities of natural gas. It’s now selling for less than half of what it was five years ago. There’s so much available that the Energy Department is predicting low prices for gas and electricity for the next quarter-century.
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