1. Investor's Business Daily ran an excellent editorial a few days ago on the "shockingly good news" that carbon emissions are now the lowest in 20 years, going all the way back to 1992 (see chart above, EIA data here), here's a slice:
"Carbon emissions in the U.S. have hit a 20-year low due to a
supposedly environmentally unfriendly drilling technique that has
created an abundance of cheap natural gas. The free market, it seems,
does it better than the EPA."
"Environmentalists find themselves between shale rock and a hard place
after a little noticed technical report documented how the natural gas
boom caused by the use of hydraulic fracturing, or fracking, has
actually helped the environment in a major way while also creating jobs
and economic growth."
"In the report, the U.S. Energy Information Agency, a part of the
Energy Department, said that energy-related U.S. CO2 emissions for the
first four months of this year fell to about 1992 levels. EIA estimates
that full-year emissions will be the lowest since at least 1995. The untold story is that this has been achieved by the free market and private-sector technology, not government mandates."
"How ironic that those greedy energy companies and not
government-backed green energy failures such as Solyndra and the Chevy
Volt are both saving the earth and paving the way to genuine energy
independence. Fracking will save the earth before anything like cap-and-trade or
the Kyoto Protocol — an inconvenient truth indeed for environmentalists."
"Here is the most promising development in the American economy. Period!
The discovery of oceans of natural gas in North America means a vastly
cheaper source of energy, the creation of hundreds of thousands of new
jobs, a meaningful reduction in global warming, a much diminished
balance of payments deficit, a far stronger dollar, a jump in the
profits of the electric utilities, who will then raise their cash
dividend payouts, which will benefit widows and orphans as well as giant
pension funds, and cause the gold bugs lasting anguish."
"In reviewing the energy policy platforms of Romney and Obama, we see
that Obama shows a distinct preference for a command-driven energy
economy, while Romney strongly favors a freer, private-sector energy
economy. Obama places far less emphasis on energy affordability and far
more emphasis on greening the energy supply even though that raises
costs. Finally, whereas Romney clearly has a goal of energy
interdependence with Canada, Obama’s view of energy independence is more
a “go it alone” approach, where pipelines to Canada need not apply."
"Increased activity in the Exploration and Production (E&P) sector will push oil and gas capital expenditure (capex) to an
enormous $1,039 billion for 2012. We estimate that total oil and gas capex will increase 13.4% this year over
the 2011 total of $916 billion, as oil companies intensify upstream operations
across locations as diverse as offshore Brazil, the Gulf of Mexico and the
"Investor confidence in new upstream projects is being driven by the
increasing number of oil and gas discoveries (242 last year alone), combined
with consistently high oil prices and the arrival of new technologies that are
giving the major firms access to deep offshore reserves that were previously
technically and financially unviable."
"North America is expected to witness the highest capex, with $254 billion, or 24.5% of the 2012 global total. Compared to a global average capex
growth rate of 13.4%, North America is expected to see growth of
15.7%. The increase of unconventional oil and gas activities, especially the
continuing exploitation of shale oil and gas sites and the development of
Canadian oil sands, are the major drivers for these investments."