$1.3B Greendoggle in Sen. Reid's Nevada: $4.6 Million per Job, and 4X the Cost of Fossil Fuels
Professor Mark J. Perry's Blog for Economics and Finance
Highlights from today's Job Openings and Labor Turnover report from the BLS:
Updated EIA data on monthly natural gas production in the U.S. through May is displayed above, and shows that both "gross withdrawals" and "marketed production" of natural gas set new monthly all-time records on a 12-month moving average basis (to smooth out monthly variations). Other highlights include:
Though serious drilling began only five years ago, the sheer volume of Marcellus production suggests that in some ways there's no going back, even as New York debates whether to allow drilling in its portion of the shale, which also lies under large parts of Pennsylvania, West Virginia, and Ohio.In 2008, Marcellus production barely registered on national energy reports. In July, the combined output from Pennsylvania and West Virginia wells was about 7.4 billion cubic feet per day, according to Kyle Martinez, an analyst at Bentek Energy. That's more than double the 3.6 billion cubic feet from April, and represents more than 25 percent of national shale gas production.That's neck and neck with production from the Haynesville region in Arkansas and Texas, but new drilling permits there have declined sharply.The Powell Shale Digest, an industry newsletter based in Fort Worth, Texas, concluded that a recent report from the U.S. Energy Information Agency means "it is reasonable to assume" the Marcellus has or will soon pass Haynesville as the top producer. The Marcellus Shale is a gas-rich formation of rock thousands of feet below ground. Advances in drilling technology made the shale accessible, which led to a boom in production, jobs, and profits, and a drop in natural gas prices for consumers.
The original salt gun for shooting flies from Bug-a-Salt.
HT: John Stossel via Warren SmithThe Internet today bears little resemblance either to what the government wanted to build or to what it actually built. The innovations in networking that produced today’s Net occurred as much despite government funding as because of it. If anything, therefore, the Internet represents the success of spontaneous ordering over central planning, not the successful design of a new technology by the state.Today’s Internet is the embodiment of a spontaneous order in many ways. No agency or board controls it. No central planner decides how it will operate. It ignores national borders. It has changed the world.Yet a few years ago, little of what we know today as the Internet existed: no bookstores, no Web pages, little public access beyond academic institutions. Before the Internet, there was ARPANET—the Advanced Research Projects Agency Network—a U.S. Department of Defense (DOD) network that is often described as the forerunner of today’s Internet. The ARPANET connection is thus the source of the “we wouldn’t have it without the government” story.Unlike the mythical Internet that sprang forth from the ARPANET, the real Internet grew out of a spontaneous ordering process of the interactions of millions of individual users. The uses we make of the Internet were unimaginable to the researchers and scientists who created the networking protocols and hardware advances we rely on today. Far from being the result of the government’s “strategic” investment in the original Defense Department networks, today’s Internet developed at most accidentally from and often in spite of those investments. The explosive growth in commerce, for example, became possible only when the government’s ban on commercial use of the networks it financed was lifted.Moreover, the “strategic” nature of the early investment in networking is a myth. No one consciously created the Internet. While an international network of networks undoubtedly would look different today had ARPANET never existed, there is also little doubt that packet-switching and e-mail would have evolved anyway. Dedicated, motivated people with a need to communicate—for commercial and noncommercial purposes—would have surely seen to it.
The Boston Globe reports on "A game with a windfall for a knowing few: High-rolling gamblers are exploiting a quirk in Cash WinFall, raking in huge profits every 3 months as the Lottery looks on":
Here's the link, and guess which one is #1 on the list?
One of the economic benefits of the shale gas revolution is the moderating effect that abundant, cheap shale gas has had on the price of electricity in the U.S. for all end-users: residential, commercial and industrial customers. The indirect cost savings for electricity customers from cheap shale gas are in addition to the significant and direct cost savings from inflation-adjusted gas prices for residential, commercial, industrial customers and electric utilities that are the lowest in a decade, and have saved natural gas users $250 billion over just the last three years.