1. Begin with 'The Keystone Pipeline': proof that another principle of which Obama is oblivious is that energy is the force behind economic growth.
Or, perhaps, because he does understand that producing energy has attracted many of the greatest entrepreneurs and inventors in the nation's history.
Yes, that inclination would fit his profile, wouldn't it.
a. As an enemy of free markets, Obama would put the clamps on any capitalist advent that increased prosperity....prosperity would, after all, decrease the rolls of citizens lining up for big government handouts.
b. Never forget: entrepreneurs get your money by providing goods and services which you see as worth the cost, it occurs by way of a voluntary transfer of money. Government, on the other hand, uses force to get your funds, or, a similarity: a monopoly.
2. Early on, it was wood that served as the source of energy. This was replaced with coal in early1800s. Even today we have hundreds of years supply of coal....of course, Obama has recently put a stake in that.
But then oil came along, as kerosene to light homes, and then as gasoline for that new invention, the automobile.
3. Enter the greatest entrepreneur in US history: John D. Rockefeller.
For government school grads, trained to hate the rich,....well, so much for critical thinking. Hey...,know how they became rich? See 1b above. This was the genius of Rockefeller: he figured out how to refine oil so that he could light American's homes for about one cent per hour. That was Standard Oil: good news for whales! This made him the first billionaire in American history.
a. Still hate him, Leftists? He wrote to one of his partners in 1885: "...we are refining oil for the poor man and he must have it cheap and good."
John D. Rockefeller and the Oil Industry : The Freeman : Foundation for Economic Education
4. But...but...but he ruined the land and polluted the air!!!
Actually, he was probably the first environmentalist in our history, because of his desire to be profitable and efficient. When he first came into the oil industry, others were spilling as much as they captured; it went into the land and the rivers. Rockefeller worked tirelessly to cut waste, and this meant stopping the spills. First, he cut the loss of oil, and his R & D discovered over 300 by-products he could sell.
a. "To talented entrepreneurs, waste is an abhorrent loss of raw materials. Rockefeller, for example, spent an entire day trying to seal cans of his Standard oil with 39 drops of solder instead of the usual forty (he succeeded)....Henry Dow took Michigan brine that others threw away and used it to make valuable bromine and challenged the German [monopoly]. The Wright brothers wanted the lightest, most economical materials....James J. Hill built his Great Northern Railway straighter and with flatter grade than any other transcontinental."
Folsom, "Uncle Sam Can 't Count," p. 166.
5. By the 1960s, the most advanced nations had switched from coal to oil, and the abundance meant competition, discounts, and choices.
See "The Prize: The Epic Quest for Oil, Money & Power," by Daniel Yergin
6. So why did oil prices go from $4/barrel in 1973, to over $32/barrel less than a decade later?
Government.
Whether oil, or natural gas, or coal...and nuclear....federal laws killed the incentive to extract and sell them. The laws were of two kinds: environmental laws, and laws that fixed the price of energy.
7. Nixon. In trying to cut inflation off at the pass, he instituted price controls in 1971. That's politics, not economics.
So....when he fixed the price of home heating oil, what would be the impetus for refiners to find and supply the increased demand??? By the winter of 1972-1973, the supplies of heating oil were almost exhausted. In '73, once he was reelected, prices were allowed to rise 8%.
a. Ooops! March 6, 1973, the Cost of Living Council reinstated price controls! BTW....only on the 24 largest suppliers....the rest could charge what they wanted.
"Nixon's Economy : Booms, Busts, Dollars, and Votes," by Allen J. Matusow, p.249-250
Or, perhaps, because he does understand that producing energy has attracted many of the greatest entrepreneurs and inventors in the nation's history.
Yes, that inclination would fit his profile, wouldn't it.
a. As an enemy of free markets, Obama would put the clamps on any capitalist advent that increased prosperity....prosperity would, after all, decrease the rolls of citizens lining up for big government handouts.
b. Never forget: entrepreneurs get your money by providing goods and services which you see as worth the cost, it occurs by way of a voluntary transfer of money. Government, on the other hand, uses force to get your funds, or, a similarity: a monopoly.
2. Early on, it was wood that served as the source of energy. This was replaced with coal in early1800s. Even today we have hundreds of years supply of coal....of course, Obama has recently put a stake in that.
But then oil came along, as kerosene to light homes, and then as gasoline for that new invention, the automobile.
3. Enter the greatest entrepreneur in US history: John D. Rockefeller.
For government school grads, trained to hate the rich,....well, so much for critical thinking. Hey...,know how they became rich? See 1b above. This was the genius of Rockefeller: he figured out how to refine oil so that he could light American's homes for about one cent per hour. That was Standard Oil: good news for whales! This made him the first billionaire in American history.
a. Still hate him, Leftists? He wrote to one of his partners in 1885: "...we are refining oil for the poor man and he must have it cheap and good."
John D. Rockefeller and the Oil Industry : The Freeman : Foundation for Economic Education
4. But...but...but he ruined the land and polluted the air!!!
Actually, he was probably the first environmentalist in our history, because of his desire to be profitable and efficient. When he first came into the oil industry, others were spilling as much as they captured; it went into the land and the rivers. Rockefeller worked tirelessly to cut waste, and this meant stopping the spills. First, he cut the loss of oil, and his R & D discovered over 300 by-products he could sell.
a. "To talented entrepreneurs, waste is an abhorrent loss of raw materials. Rockefeller, for example, spent an entire day trying to seal cans of his Standard oil with 39 drops of solder instead of the usual forty (he succeeded)....Henry Dow took Michigan brine that others threw away and used it to make valuable bromine and challenged the German [monopoly]. The Wright brothers wanted the lightest, most economical materials....James J. Hill built his Great Northern Railway straighter and with flatter grade than any other transcontinental."
Folsom, "Uncle Sam Can 't Count," p. 166.
5. By the 1960s, the most advanced nations had switched from coal to oil, and the abundance meant competition, discounts, and choices.
See "The Prize: The Epic Quest for Oil, Money & Power," by Daniel Yergin
6. So why did oil prices go from $4/barrel in 1973, to over $32/barrel less than a decade later?
Government.
Whether oil, or natural gas, or coal...and nuclear....federal laws killed the incentive to extract and sell them. The laws were of two kinds: environmental laws, and laws that fixed the price of energy.
7. Nixon. In trying to cut inflation off at the pass, he instituted price controls in 1971. That's politics, not economics.
So....when he fixed the price of home heating oil, what would be the impetus for refiners to find and supply the increased demand??? By the winter of 1972-1973, the supplies of heating oil were almost exhausted. In '73, once he was reelected, prices were allowed to rise 8%.
a. Ooops! March 6, 1973, the Cost of Living Council reinstated price controls! BTW....only on the 24 largest suppliers....the rest could charge what they wanted.
"Nixon's Economy : Booms, Busts, Dollars, and Votes," by Allen J. Matusow, p.249-250
