Posts Tagged ‘$21 trillion national debt’

PAY OFF THE NATIONAL DEBT BY BECOMING ENERGY INDEPENDENT

Few would disagree that it is a worthy goal for the United States to achieve energy independence, and even better, become a major energy exporter and pay off the national debt with the wealth we created from the proceeds?  Most would agree that achieving this goal with little or no air or water pollution would be a good thing for the U.S. and for the planet.  Wouldn’t it also be great if the U.S. had no national debt?

In 2013, the U.S. spent 388 billion dollars to buy oil from foreign countries, some of which are using our money to fund terrorist activities against us…and money that could otherwise be used to help stimulate the American economy and create jobs for Americans.  At the height of the Arab Oil Embargo in 1973, dependence on foreign oil was about 35%.  In 2013, dependence on foreign oil was 32%.  In other words, our dependence on foreign oil has slightly decreased in 40 years.

So what can and should the United States do, if anything?  I see two sides of this issue: 1) does the U.S. have the oil, natural gas, coal, nuclear, wind, solar and hydroelectric power to be self-sufficient and also export oil, gas, and coal; and 2) can we access, use, and sell some these energy sources in an environmentally responsible way?

From my research, it appears that the U.S. has over 100 years worth of natural gas, three times the oil stores of Saudi Arabia,  and 250 years worth of coal which the U.S. is now capable of burning using carbon capturing technology, with significantly reduced carbon-emissions.  Currently the U.S. gets about 18% of its energy from nuclear sources and a small amount from hydroelectric, solar and wind.

While the U.S. is furiously attempting to develop its solar and wind energy capacities, they won’t be significant sources of energy for at least 25 years.  We need to have sufficient energy now to fuel our economy, heat our homes,  as well as make gasoline abundant and affordable to power our cars and trucks (electric-powered cars run on electricity mostly generated by burning coal, the most polluting fossil fuel) .

There is no question that the U.S. is blessed with more energy than any other country.  Given the latest technologies, there’s also no question that we can extract and burn oil, gas and coal in an environmentally-sound manner.  The only hindrance is political.  There are a  number of people who believe that burning any fossil or carbon fuels, even the green fossil fuel…natural gas, is bad for the environment.  They have been effective in the past in preventing oil exploration in ANWAR, in stopping the use of oil shale (although the oil from it can be extracted in-situ), and in preventing the licensing of new nuclear power plants (which are much safer than those old reactors in Japan, or the one in Pennsylvania (Three Mile Island… that had a partial meltdown in 1979). There were even prohibitions against drilling for oil even 1oo miles from our Florida and California coastlines.  Of course, China and Cuba are drilling  for oil 60 miles from our Florida coastline.  And of course the U.S., under President Obama, loaned Brazil two billion dollars so that it can explore off of its coastline.

Finally, Canada was an economic basket case in 2009 and decided to get serious about drilling for oil because it needed the revenue.   It worked, and Canada is now doing very well.  Under President Trump, its neighbor to the south (the U.S.) is now doing the same.  Under Donald Trump’s presidency, America will finally become energy independent and also significantly pay down the $21 trillion National debt.

 

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