We will quietly surpass Saudi energy production within 8 years...
and we are going to tax the rich a little bit more to spread the good fortune. Otherwise, we willl end up with princes and paupers in a golden age of endless fuel. There is no other way. Close the tax loopholes, and frack. It beats having our arms and legs blown off with IEDs any day, fighting an enemy we fund by purchasing foreign oil.
If this master plan is realized, and Matt Damon quits making fictious fracking movies, our $16 trillion National debt becomes much easier to deal with. This is why Obama seems somewhat relaxed, and believe me, the Republicans in the know are all in as well. Gas exploration is moving forward in China, and the USA has to make hay while the sun shines.
We have the fuel, but the entitlements could easily swallow our new found gold. These must be dealt with, much of which is healthcare related. This is where medical innovations come into play and Prochymal for AMI makes a contribution toward the prevention of heart failure, among the most costly medical conditions of our aging population.
Jan. 12 (Bloomberg) -- Cnooc Ltd., China’s biggest offshore energy producer, started drilling at its first shale-gas project in the country, joining rivals including China Petroleum & Chemical Corp. in the search for unconventional natural gas.
Exploration started Dec. 29 in the eastern Anhui province, China National Offshore Oil Corp., Cnooc’s parent, said in a statement on its website yesterday. The shale-gas project is also the Hong Kong-listed unit’s first onshore venture, it said.
China, estimated to hold more natural gas trapped in shale than the U.S., has yet to produce the fuel commercially. Chinese energy explorers have been seeking shale technology and expertise by buying stakes in overseas fields, including acquisitions of Chesapeake Energy Corp. assets by Cnooc.
“It may take more than five years for Cnooc to turn this exploration into real production, but the key message here is Cnooc signals a new direction on where the company will move in the future,” said Neil Beveridge, a Hong Kong-based energy analyst at Sanford C. Bernstein & Co. “Cnooc will count heavily on unconventional oil and gas for growth down the road.”
Chinese shale may hold 1,275 trillion cubic feet (36 trillion cubic meters of gas), or 12 times the country’s conventional natural gas deposits, the U.S. Energy Information Administration said in April. China’s “technically recoverable” reserves are almost 50 percent more than the 862 trillion cubic feet held by the U.S., the EIA said.