“It is time to end the cover-up and misinformation that has prevented the American public from knowing the truth about oil – that hydrocarbon fuels are abiotic in nature, produced by the earth naturally on a continuous basis, and that the quantity of abiotic hydrocarbons yet to be discovered suggests the world will never run out of oil or natural gas”—Jerome Corsi, The Great Oil Conspiracy
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The Great Oil Conspiracy: How the US Government Hid the Nazi Discovery of Abiotic Oil from the American People by Jerome R. Corsi, 2014 edition
The following is the entirety of the book’s concluding chapter. A copy of the book can be downloaded HERE and you can listen to the audiobook HERE.
Conclusion: The USA #1 in Oil Production?
On Sept. 11, 2011, Goldman Sachs issued a report predicting the United States would be the world’s largest oil producing country by 2017. The Goldman Sachs report forecast that US daily production of oil would grow from a current 8.3 million barrels of oil per day to 10.9 million barrels by 2017, a level of production that would surpass both Saudi Arabia and Russia.’180 The report was a shock to peak oil believers in the oil industry, who had been conditioned to expect that the United States would be close to total oil depletion by 2017, not that the United States could possibly be the world’s largest producer of oil within this decade.
Little noticed, data from the Energy Information Administration has documented that US reliance on foreign oil has actually shrunk in recent years, from over 60 percent in 2006 to under 50 percent in 2010.131 The prolonged economic downturn, continuing since 2008, has reduced demand for oil in the US economy. However, Goldman Sachs concluded the effect of a slow economy was insufficient to explain the entire shift. US hydrocarbon liquids production, including both crude oil and liquid natural gas, has jumped roughly one million barrels per day between 2008 and 2011. Much of that has come from increased production in the onshore lower forty-eight states and reflects the significant contributions of America’s independent producers. Independents currently produce 95 percent of the oil and gas wells in the United States. The investment bank report also noted that net import for natural gas was at its lowest point in seventeen years, at 10.8 percent, down from a peak of 16.4 percent in 2005.
On Aug. 28, 2008, WND columnist Eric Rush published a piece in which he countered the far left and Congressional Democrats who oppose exploration for new oil resources and have done so for decades by declaring, “Drill, Baby, Drill!”!132 We conclude here by echoing Eric Rush’s call to action. It is time to end the cover-up and misinformation that has prevented the American public from knowing the truth about oil – that hydrocarbon fuels are abiotic in nature, produced by the earth naturally on a continuous basis, and that the quantity of abiotic hydrocarbons yet to be discovered suggests the world will never run out of oil or natural gas, exactly as Julian Simon predicted decades ago.
Consider this paragraph published by Simon in 1981:
Natural resources. Hold your hat – our supplies of natural resources are not finite in any economic sense. Nor does past experience give reason to expect natural resources to become more scarce. Rather, if the past is any guide, natural resources will progressively become less scarce and less costly, and will constitute a smaller proportion of our expenses in future years. And population growth is likely to have a long run beneficial impact on the natural-resource situation.133
We must counter the Malthusians by learning how to think from the perspective of abundance, not scarcity. We should place our confidence in a private economy in which entrepreneurs and independent economic actors could adapt to market conditions, seeking profit opportunities outside of government assistance. A market unrestricted by needless government regulations succeeds more than the highly regulated economy hostile to hydrocarbon fuels that the Obama administration seeks to impose upon us.
Air renews itself naturally, as does water. Why should oil or natural gas be different? The scenario of a modern industrial society, doomed to outlive the affordable hydrocarbon fuels that have made economic growth and prosperity possible, is consistent with a secular society desperate to replace God and Divine Providence with central planning imposed by a crushing state bureaucratic apparatus. In the 1950s, Sinclair Oil sold gasoline to motorists under a logo that featured a green dinosaur, while Shell Oil employed an executive who sought to prove the end of “fossil fuels” was at hand by adapting the graph of a normal distribution that is taught to every Statistics 101 college student. More than sixty years later, the world still has abundant hydrocarbon fuels, even though Sinclair Oil has dropped the dinosaur logo.
Major oil companies appear ready to drop fossil fuel illusions. A Shell Oil executive has expressed doubt on national television that peak production theory is correct. “The peak oil theory has really swamped the world,” John Hofmeister, then the president of Shell Oil’s US operations, said on CNBC’s Squawk Box show on March 20, 2008. “God Bless Matt Simmons. His assumptions are correct based on his hypotheses, but his hypotheses are too narrow.”134 This is a remarkable admission from the company that produced M. King Hubbert. There is no reason America should be dependent upon foreign sources for oil. There is no reason we should be paying exorbitant amounts for a gallon of gasoline at the pump. Allowed to do their job without unnecessary government intervention, independent producers in conjunction with major oil companies should be able to provide Americans with an abundant supply of inexpensive energy for decades to come, especially if Americans are finally told the truth that oil and natural gas are not now and never were fossil fuels.
Notes:
- 130 Keith Schaefer, “Goldman Sachs predicts that US will be world’s largest producer of oil in 2017,” Oil and Gas Investments Bulletin, Sept. 15, 2011, at http://oilandgas-investments.com/2011/top-stories/goldman-sachs-predicts-that-u-s-will-be-worlds-largest-producer-of-oil-in-2017/.
- 131 Energy Information Administration, “US Imports of Crude Oil and Petroleum Products,” at http://www.eia.gov/dnav/pet/hist/LeafHandler. ashx?n=PET &s=MTTIMUS1 &f=M.
- 132 Eric Rush, “Drill, Baby Drill!” WND, Aug. 28, 2008, at http://www.wnd. com/2008/08/73559/.
- 133 Julian L. Simon, The Ultimate Resource (Princeton, N.J.: Princeton University Press, 1981), “Introduction: What Are the Real Population and Resource Problems?” pp. 3-11, at p. 4.
- 134 “Shell Exec Says World Not Running Out of Oil,” WND, March 20, 2008, at http://www.wnd.com/2008/03/59502/.
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