Among the great mythologies of recent years, one stands out above the rest, is that the world is in a “great energy transition.” Actually, the world IS in a dramatic energy transition. But it isn’t the one the Left wants it to be.
Despite hundreds of billions of taxpayer dollars thrown at wind and solar power, we still get less than 10% of our energy from green sources. The needle really hasn’t moved at all over the past two decades. The more the government spends, the less we get per taxpayer dollar thrown at it. That’s the very definition of a falling stock.
The REAL energy transition is toward natural gas. A few weeks ago, the price of natural gas fell below $2 per MMBTU, the lowest price level for energy, after adjusting for inflation, in 20 years and probably ever in the history of mankind. Just a few years ago, the price in real dollars was four times higher.
As an experiment, I went to the grocery store to find out what a 16-ounce bottle of Evian water now sells at. The price I saw was $2.69 and can go as high as $3. This means natural gas is now less expensive than water.
This natural gas revolution has happened because of modern drilling technologies – including horizontal drilling and fracking. That technology keeps getting better and better and will continue to keep the price low for many decades to come. The pace of drilling technology improvement far outpaces the pace of depletion. In other words, for all intents and purposes, America’s natural gas supplies are limitless – a bottomless well. […]
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