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Energy and $2.50 Gallon Gasoline Address - Newt Gingrich

Energy and $2.50 Gallon Gasoline Address - Newt Gingrich

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Published by PRMurphy
I’m Newt Gingrich and I want to report to you that if we unleash the American people, we can be at the beginning of an extraordinary era where we rebuild the America that we love.
I’m Newt Gingrich and I want to report to you that if we unleash the American people, we can be at the beginning of an extraordinary era where we rebuild the America that we love.

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Published by: PRMurphy on Feb 25, 2012
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02/26/2012

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$2.50 per Gallon Gasoline, EnergyIndependence and Jobs  An Address by NewtGingrich
February 22, 2012
 
 YouTube Video:http://www.youtube.com/watch?v=vOImnCrKPZ8&feature=colike 
Transcript
Im Newt Gingrich and I want to report to you that if we unleash the American people,we can be at the beginning of an extraordinary era where we rebuild the America that we love.Now, when I say unleash the American people, I mean literally get the government tostop crippling our efforts to create a better future. This is a big topic. It is one I amgoing to come back to again and again, in the next few weeks.But I want to start with a part of it that relates to national security, relates to yourpersonal family budget, relates to the economy, and relates to balancing the federalbudget, all four in one topic. And it comes down to a simple idea: What if we had a program that enabled the American people to develop so much new energy that we were, in fact, no longerreliant on Saudi Arabia, Iraq, Iran. We didnt care what the Iranians did in the Strait of Hormuz because we were safe, in national security terms.What if that new energy program created well over a million new jobs, high-paying jobs, jobs that put Americans back to work and kept the money here at home that wehad been sending overseas, giving us a dramatic improvement in our balance of payments, strengthening the dollar and giving us a chance to live much freer and moreindependently?What if that very idea also meant that wed have dramatic increases in federal revenuein the government without a tax increase but that, in fact, the federal government would have literally an entire new stream of money? And finally, what if that big new idea meant that you personally were better off becauseyou are buying gasoline for $2.50 a gallon, not for $3.89 or $4 as what some peopleproject by the summer could be $5 or more?
 
How is that possible, you ask? Well, that is what is exciting, and that is one of thereasons Im running for president.I know that science, technology, entrepreneurship have made tremendous progress. And I know that the politicians in Washington, the old-time establishment, the elitenews media, the bureaucrats dont have a clue whats possible, or in some cases, theyhave a clue and they are opposed to it. And I want to cover both of those in the next few minutes.But lets start with a historic fact that I think is going to change our understanding of  Americas future and our understanding of the energy possibilities.That fact is called North Dakota. In North Dakota, there is a formation called theBakken formation. It has a tremendous amount of oil. It has much more oil than the USgeological survey used to think.In fact, based on one US geological survey study, there is now 25 times as much oil asthere was back when they first estimated it, not 25 percent more, 2500 percent more.Now, the reason we know this is, I think, very illustrative of what is wrong with America. We know the Bakken formation exist in North Dakota because it is on privateland, and liberals werent able to block us from developing it.So the people, the entrepreneurs, the business leaders who went in and developed that formation, they began to produce more and more oil. As one of them said, They nowfind that almost everywhere they look, there is more oil.Whats the result? Well, the official unemployment rate in North Dakota is 3.5 percent,but that may actually be misleading because most of that 3.5 percent dont have theright training. It turns out that North Dakotas booming to such an extent that there is16 to 18,000 new job, good jobs, 60,000 to 80,000 dollar-a-year jobs that arent filledbecause the folks who need a job arent trained, and the folks, the jobs they need,dont have people filling them.Think about that. What would that be like in your hometown if the boom was so bigthat there were 16 to 18,000 unfilled jobs? How much better off would we be? And guess what? When you have that kind of economic growth, you have an increasein revenue to the government. So the State government of North Dakota has had sevenconsecutive tax cuts, and it now has a rainy day fund of several billion dollars, eventhough the entire state budget is only about $2 billion.So energy can lead to a bigger economy, more revenue for the government, better jobsfor people. Now lets step all the way back and look at the other 49 states and look at the ocean around the United States.
 
If North Dakota has that much energy, how much do we think we have everywhereelse? Turns out, we may have more oil in the United States today, given new scienceand new technology than we have actually pumped worldwide since 1870. We may, infact, by one estimate have three times as much oil in the United States as there is inSaudi Arabia. And remember, right now I am just talking about oil which were relates directly togasoline, but there has been a parallel revolution in natural gas.In the natural gas, we knew that technically there was a lot of gas in shale, but we didnot know how to get it out. And people thought given the amount that could berecovered, as recently as the year 2000, they thought that natural gas was a decliningcommodity. It was a perfect example of what has been called Peak Production; wehave already used up over half of it.In fact, as recently as about 2000, people thought there was about seven years supplyleft. They were literally talking about getting liquefied natural gas out of the MiddleEast, putting it in giant refrigerator ships, bringing it to the US, unloading it here,because the chemical industry, in particular, needed the gas. All of a sudden, somebody had a really bright idea. They took a technology which hadbeen developed for ocean drilling, because ocean platforms are really expensive, and sowhen you drill one rig on the ocean platform, you want it to go as many places as youcan.So they developed really brilliant techniques for going out horizontal. They come downwith one, and then it goes out in every direction. And all of a sudden somebody figuredout, gee, if you could do that with natural gas and at the same time, if you couldfracture the rock in a way by using steam and water that you could actually get the gasto come into one collection point, you could get a lot of gas out of the shale.The net result was that we now have in shale tremendous amounts of natural gas that is recoverable. In fact, the most recent estimate is that we may have over a hundredyears supply of natural gas. Think about that.In one short decade, we went from seven years supply to over a hundred years supplybecause science and technology had improved so much. Furthermore, instead of usimporting liquefied natural gas from the Middle East, there is now serious talk that were going to build facilities in Houston, and were going to ship liquefied natural gasto China.So we will be making money exporting natural gas where people thought we would begiving up money 10 years ago importing natural gas.Now, what does this mean? It means in places like the Marcellus Shale in WesternPennsylvania, in the areas of eastern Ohio, cutting down all along the Appalachians, allthe way out to Dallas, Texas, there is formation after formation after formation.

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PRMurphy added this note
I’m Newt Gingrich and I want to report... #tcot #tlot #wcot #sgp #wagop #teaparty #withnewt #RNC #GOP
PRMurphy added this note
...I mean literally get the government to stop crippling our efforts to create a better future. #tcot #tlot #wcot #sgp #wagop #teaparty #withnewt
PRMurphy added this note
I’m Newt Gingrich and I want to report... #tcot #tlot #wcot #sgp #wagop #teaparty #withnewt
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