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Old 08-23-2012, 01:10 PM  
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Romney says US energy independence is achievable

http://news.yahoo.com/romney-says-us...45.html?_esi=1

HOBBS, N.M. (AP) — Seeking to reset his economic message, Republican Mitt Romney pledged Thursday to create 3 million jobs and more than $1 trillion in revenue by ramping up offshore oil drilling and giving states more control over energy production on federal land.

Romney, reviving a long-elusive goal pushed by presidents and presidential candidates for decades, said his plans would make the U.S., along with Canada and Mexico, energy independent by 2020.

"This is not some pie in the sky kind of thing," Romney told voters in Hobbs, the heart of New Mexico's oil and gas industry. "This is a real achievable objective."

The cornerstone of Romney's plan is opening up more areas for offshore oil drilling, including in the mid-Atlantic, where it is currently banned. He also wants to give states the power to establish all forms of energy production on federal lands, a significant shift in current policy that could face strong opposition in Congress.

His proposals make little mention of renewable sources of energy, like wind and solar, backed by President Barack Obama. Romney has deep ties to big oil and raised more than $7 million from industry executives during a campaign fundraiser in Texas earlier this week.

The presumptive Republican nominee's attempts to refocus on his plans for job creation follows a week dominated by comments made by Missouri Republican Rep. Todd Akin, a Senate candidate who said a woman's body is able to avoid pregnancy during what he called a "legitimate rape."

Romney called for Akin to drop out of the Senate race, but the congressman so far has refused.

Obama's campaign also began a new push on the economy Thursday with a television advertisement featuring former President Bill Clinton. In the ad, Clinton speaks directly to the camera and says voters face a "clear choice" over which candidate will return the nation to full employment.

"We need to keep going with his plan," Clinton says of Obama in the ad, which will run in eight battleground states.

The former president also draws a connection between Obama's policies for strengthening the middle class and the nation's economic prosperity during his time in office, when the U.S. economy was thriving. Obama's campaign has been seeking to use Clinton as a reminder to voters that the economy was strong the last time a Democrat held the White House.

Romney said his energy proposals would result in more than $1 trillion in revenue for federal, state and local governments, plus millions of jobs.

His calls for increased drilling include opening up coastline in the Mid-Atlantic where drilling is currently banned. His proposals for giving states the power to establish all forms of energy production on federal lands would also be a significant shift in current policy that could face strong opposition in Congress.

In a supporting document, Romney says it now takes up to 307 days to receive permits to drill a well on federal land. By contrast, states such as North Dakota issue permits within 10 days and Colorado within 27 days, Romney said.

"States are far better able to develop, adopt and enforce regulations based on their unique resources, geology and local concerns," the statement said.

In an effort to appease environmentalists, Romney says he would prevent energy production on federal lands designated as off-limits.

Romney's plan focuses heavily on boosting domestic oil production, including approving the Keystone XL pipeline that would run from Canada to U.S. refineries in Texas.

The proposal would establish a new five-year leasing plan for offshore oil production that "aggressively opens" new areas for drilling, starting with the coasts of Virginia and North Carolina. Virginia's Republican Gov. Bob McDonnell has pushed to expand offshore drilling as a boost to Virginia's economy.

The Obama administration has proposed a plan that would allow energy companies to begin seismic testing to find oil and natural reserves in the Atlantic Ocean. Companies would use the information to determine where to apply for energy leases, although no leases would be available until at least 2017.

The Romney plan makes little mention of wind energy, which Obama has pushed heavily in states such as Iowa and Colorado. Obama has pushed Congress to extend a tax credit for producers of wind energy, an approach that Romney opposes.

Romney accused Obama of seeking to block oil and gas production in order to help renewable energy companies prosper.

"I like wind and solar like the next person, but I don't want the law to be used to stop the production of oil and gas and coal," Romney said.

Obama campaign spokeswoman Lis Smith called Romney's energy plan "backward."

"This isn't a recipe for energy independence," Smith said. "It's just another irresponsible scheme to help line the pockets of big oil while allowing the U.S to fall behind and cede the clean energy sector to China."

The president told donors in New York Wednesday night that under his administration, dependence on foreign oil has gone below 50 percent for the first time in 13 years.

"Oil production is up. Natural gas is up. But we're also doubling the energy that we get from wind and solar. That is clean, it's renewable, it's homegrown, it's creating jobs all across America," Obama said.

Obama has called for a one-third reduction in U.S. oil imports by 2025. The president's proposal for boosting domestic oil production relies in part on offering incentives to companies that hold leases for offshore and onshore drilling to speed up recovery; increasing the use of biofuels and natural gas; and making vehicles more energy-efficient.
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Old 08-23-2012, 01:14 PM   #2
La literatura La literatura is offline
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That is energy independence for 25 years, and batshit crazy rats scurrying for safety for what comes after.
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Old 08-23-2012, 01:31 PM   #3
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It was always achievable but politics has been in the way. Although, it's not necessary for economic survival. The international division of labor is efficient if allowed to work.
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Old 08-23-2012, 01:33 PM   #4
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Quote:
Originally Posted by Literature View Post
That is energy independence for 25 years, and batshit crazy rats scurrying for safety for what comes after.
More like 50 to 100 based on present consumption, which is dropping significantly.
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Old 08-23-2012, 01:40 PM   #5
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Quote:
Originally Posted by Literature View Post
That is energy independence for 25 years, and batshit crazy rats scurrying for safety for what comes after.


Please stick to the legal profession where absolutely no critical thinking is required, only avarice and rote memorization...
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Old 08-23-2012, 01:42 PM   #6
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We don't really need to be completely energy self-sufficient. That said, I'm fine with increasing domestic production. I pretty much view untapped domestic sources as a further emergency reserve, however, so I'm more interested in making sure we have the capability to dig it out of the ground (or extract in other methods, as appropriate) on reasonable short notice than I am on X% of our production is domestic versus imported.
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Old 08-23-2012, 01:42 PM   #7
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Originally Posted by mikey23545 View Post


Please stick to the legal profession where absolutely no critical thinking is required, only avarice and rote memorization...

Obviously you know nothing about practicing law.
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Old 08-23-2012, 01:44 PM   #8
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Originally Posted by Amnorix View Post
We don't really need to be completely energy self-sufficient. That said, I'm fine with increasing domestic production. I pretty much view untapped domestic sources as a further emergency reserve, however, so I'm more interested in making sure we have the capability to dig it out of the ground (or extract in other methods, as appropriate) on reasonable short notice than I am on X% of our production is domestic versus imported.
Same here. I would like to see how the Romney plan plans to increase refining capacity. Running cars on crude doesn't exactly work.
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Old 08-23-2012, 01:46 PM   #9
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Originally Posted by Amnorix View Post
Obviously you know nothing about practicing law.
In fairness, that does not stop many from practicing just the same.
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Old 08-23-2012, 01:47 PM   #10
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The Great Horse Manure Crisis of 1894


We commonly read or hear reports to the effect that “If trend X continues, the result will be disaster.” The subject can be almost anything, but the pattern of these stories is identical. These reports take a current trend and extrapolate it into the future as the basis for their gloomy prognostications. The conclusion is, to quote a character from a famous British sitcom, “We’re doomed, I tell you. We’re doomed!” Unless, that is, we mend our ways according to the author’s prescription. This almost invariably involves restrictions on personal liberty.

These prophets of doom rely on one thing—that their audience will not check the record of such predictions. In fact, the history of prophecy is one of failure and oversight. Many predictions (usually of doom) have not come to pass, while other things have happened that nobody foresaw. Even brief research will turn up numerous examples of both, such as the many predictions in the 1930s—about a decade before the baby boom began—that the populations of most Western countries were about to enter a terminal decline. In other cases, people have made predictions that have turned out to be laughably overmodest, such as the nineteenth-century editor’s much-ridiculed forecast that by 1950 every town in America would have a telephone, or Bill Gates’s remark a few years ago that 64 kilobytes of memory is enough for anyone.

The fundamental problem with most predictions of this kind, and particularly the gloomy ones, is that they make a critical, false assumption: that things will go on as they are. This assumption in turn comes from overlooking one of the basic insights of economics: that people respond to incentives. In a system of free exchange, people receive all kinds of signals that lead them to solve problems. The prophets of doom come to their despondent conclusions because in their world, nobody has any kind of creativity or independence of thought—except for themselves of course (see Literature, cosmo20002)

A classic example of this is a problem that was getting steadily worse about a hundred years ago, so much so that it drove most observers to despair. This was the great horse-manure crisis.

Nineteenth-century cities depended on thousands of horses for their daily functioning. All transport, whether of goods or people, was drawn by horses. London in 1900 had 11,000 cabs, all horse-powered. There were also several thousand buses, each of which required 12 horses per day, a total of more than 50,000 horses. In addition, there were countless carts, drays, and wains, all working constantly to deliver the goods needed by the rapidly growing population of what was then the largest city in the world. Similar figures could be produced for any great city of the time.*

The problem of course was that all these horses produced huge amounts of manure. A horse will on average produce between 15 and 35 pounds of manure per day. Consequently, the streets of nineteenth-century cities were covered by horse manure. This in turn attracted huge numbers of flies, and the dried and ground-up manure was blown everywhere. In New York in 1900, the population of 100,000 horses produced 2.5 million pounds of horse manure per day, which all had to be swept up and disposed of. (See Edwin G. Burrows and Mike Wallace, Gotham: A History of New York City to 1898 [New York: Oxford University Press, 1999]).

In 1898 the first international urban-planning conference convened in New York. It was abandoned after three days, instead of the scheduled ten, because none of the delegates could see any solution to the growing crisis posed by urban horses and their output.

The problem did indeed seem intractable. The larger and richer that cities became, the more horses they needed to function. The more horses, the more manure. Writing in the Times of London in 1894, one writer estimated that in 50 years every street in London would be buried under nine feet of manure. Moreover, all these horses had to be stabled, which used up ever-larger areas of increasingly valuable land. And as the number of horses grew, ever-more land had to be devoted to producing hay to feed them (rather than producing food for people), and this had to be brought into cities and distributed—by horse-drawn vehicles. It seemed that urban civilization was doomed.


Crisis Vanished

Of course, urban civilization was not buried in manure. The great crisis vanished when millions of horses were replaced by motor vehicles. This was possible because of the ingenuity of inventors and entrepreneurs such as Gottlieb Daimler and Henry Ford, and a system that gave them the freedom to put their ideas into practice. Even more important, however, was the existence of the price mechanism. The problems described earlier meant that the price of horse-drawn transport rose steadily as the cost of feeding and housing horses increased. This created strong incentives for people to find alternatives.

No doubt in the Paleolithic era there was panic about the growing exhaustion of flint supplies. Somehow the great flint crisis, like the great horse-manure crisis, never came to pass.

The closest modern counterpart to the late nineteenth-century panic about horse manure is agitation about the future course of oil prices. The price of crude oil is rising, partly due to political uncertainty, but primarily because of rapid growth in China and India. This has led to a spate of articles predicting that oil production will soon peak, that prices will rise, and that, given the central part played by oil products in the modern economy, we are facing intractable problems. We’re doomed!

What this misses is that in a competitive market economy, as any resource becomes more costly, human ingenuity will find alternatives.

We should draw two lessons from this. First, human beings, left to their own devices, will usually find solutions to problems, but only if they are allowed to; that is, if they have economic institutions, such as property rights and free exchange, that create the right incentives and give them the freedom to respond. If these are absent or are replaced by political mechanisms, problems will not be solved.

Second, the sheer difficulty of predicting the future, and in particular of foreseeing the outcome of human creativity, is yet another reason for rejecting the planning or controlling of people’s choices. Above all, we should reject the currently fashionable “precautionary principle,” which would forbid the use of any technology until proved absolutely harmless.

Left to themselves, our grandparents solved the great horse-manure problem. If things had been left to the urban planners, they would almost certainly have turned out worse.
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Old 08-23-2012, 01:47 PM   #11
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Where are we on the whole cold fusion thing? Do we have enough dilithium crystals yet?
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Old 08-23-2012, 01:48 PM   #12
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More like 50 to 100 based on present consumption, which is dropping significantly.
Present consumption of oil/natural gas is dropping significantly? Or of energy? Or both?
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Old 08-23-2012, 01:48 PM   #13
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Originally Posted by Amnorix View Post
Obviously you know nothing about practicing law.
You're simply flattering yourself.
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Old 08-23-2012, 01:53 PM   #14
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In fairness, that does not stop many from practicing just the same.


I'll laugh with you to keep from crying. The number of pathetic lawyers is frighteningly high and they only serve to discredit the entire profession.
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Old 08-23-2012, 01:54 PM   #15
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Originally Posted by mikey23545 View Post
We commonly read or hear reports to the effect that “If trend X continues, the result will be disaster.” The subject can be almost anything, but the pattern of these stories is identical. These reports take a current trend and extrapolate it into the future as the basis for their gloomy prognostications. The conclusion is, to quote a character from a famous British sitcom, “We’re doomed, I tell you. We’re doomed!” Unless, that is, we mend our ways according to the author’s prescription. This almost invariably involves restrictions on personal liberty.
I'm not saying we're doomed if we continue our present course. I'm saying that if we spend the next several decades draining the supply of oil and natural gas in the country (which it appears you are in favor of), we will have to face a time when we run out of it. Unless you think there is an infinite amount of oil and natural gas here.

You don't think it would be a problem if that happened? I do. If everyone is dependent on oil, and we run out of oil, it's going to be an abrupt crash. Maybe everyone will have invented all the great alternative energy technology by then, though. They will obviously have every incentive to do so. Right?
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