When I read "U.S. Energy Independence Could Be Here Before We Know It", Tim Sprinkle, The Exchange, Yahoo! Finance, 2013-03-20, I thought of Jimmy Carter being slammed for his efforts to promote shale oil. I did a search on "Jimmy Carter" and "shale oil" and found "The Great Shale Oil Swindle, What Happens When the Boom Goes Bust", Nafeez Mosaddeq Ahmed, 2013-03-18.
His points are that companies are overstating the amount of oil and gas available, shale and oil production drops quickly, the "glut" of oil is depressing prices, and global oil demand may be dropping. Adam Smith warned of capitalists deceiving the public; often they deceive themselves!
His sources include some credible newspapers like the Wall Street Journal and the Financial Times of London!!
Jimmy Carter was lambasted for looking at shale oil and now Republicans think we have energy dependence because of shale oil.
"Well, the truth is, no one in America did more for oil shale development and other alternative fuels development than Jimmy Carter and his Synfuels initiaitives. If you want some of the history, and why Carter's investment and tax incentive strategy failed, read here. Basically, Reagan gutted energy research Carter started, including how to economically convert shale into oil. When the Iranian crisis ended and Saudis flooded the market with cheap oil, Exxon shut down its $5 billion Colony Oil Shale project in western Colorado, and the industry lost interest in oil shale. "
- Oil Shale and the ANWR: Stretching the truth, Charlie Quimby, "Across the Great Divide", 2008-07.
How often does politics boil down to "If we think of it, it is a good idea; if you think of it, it is a bad idea."
