Oil, nuclear power remain abundantly available
Editor’s Note: The following report is excerpted from Jerome Corsi’s Red Alert, the premium online newsletter published by the current No. 1 best-selling author, WND staff writer and columnist. This week, he is including a Chapter Three excerpt from his book, “America for Sale.” Red Alert subscriptions are $99 a year or $9.95 per month for credit card users. Annual subscribers will receive a free autographed copy of “The Late Great USA,” a book about the careful deceptions of a powerful elite who want to undermine our nation’s sovereignty.
Oil remains so abundant that it is unlikely the world will ever run out, Jerome Corsi’s Red Alert reports.
Economist Julian Simon, former professor of business administration at the University of Maryland and a senior fellow at the Cato Institute, was famous for taking a contrarian position on energy resources, arguing that our perception of scarcity was not validated by the current or historical factual record of energy abundance.
In an essay titled “When Will We Run Out of Oil? Never!” Simon argued against Malthusian fears that peak oil theorists were right and sooner or later the pumps would run dry, as environmental alarmist Paul Ehrlich frequently argued.
Simon traced fears of energy resource exhaustion back to an 1865 book published in London by W. Stanley Jevons, one of the 19th century’s greatest social scientists, titled “The Coal Question: An Inquiry Concerning the Progress of the Nation, and the Probable Exhaustion of our Coal-mines.” Jevons argued that Great Britain’s industrial progress would grind to a halt because industry would soon use all available coal. Jevons further concluded that there was no chance oil would be an alternative resource able to solve the problem.
“What happened?” Simon asked.
His answer: “Because of the perceived future need for coal and because of the potential profit in meeting that need, prospectors searched out new deposits of coal, investors discovered better ways to get coal out of the earth, and transportation engineers developed cheaper ways to move the coal.”
Similarly, Simon traced the fears in the United States back to an 1885 U.S. geological survey that declared there was “little or no chance” oil would ever be found in California. In 1939, the U.S. Department of the Interior argued U.S. oil resources would be exhausted in 13 years. Then, when that prediction proved a false alarm, the Department of the Interior revised its estimate and declared that it was from 1951 that U.S. oil would be exhausted in 13 years.
Simon argued gloomy predictions about running out of oil, coal or any other energy resource including natural gas, were typically wrong for several reasons, including the following:
- Typically the energy resources exist on earth in quantities much larger than initially estimated;
- Advances in technology make exploration and recovery of previously difficult to develop energy resources more efficient and economically affordable;
- Improvements in productivity lead to more efficient use of energy resources over time;
- Alternative sources of energy are found, even while predominately used energy resources remain abundant.
- Previously dominant energy resources, such as coal, become less dominant as more efficient energy resources, such as oil, become more understood and utilized – a process Simon believed would continue as liquefied natural gas replaces oil applications, culminating in nuclear energy replacing many current applications of oil and natural gas.
“Simon’s energy resource analysis essentially maintains that we will be running automobiles with nuclear batteries long before we run out of oil,” Corsi wrote. “Another point consistent with Simon’s analysis is that technologies have been developed permitting the clean burning of coal, while coal resources in the United States yet remain among the most abundant on the earth. In the final analysis, nuclear power is the final inexhaustible energy resource.
“Moreover, the development of nuclear power plants to provide electricity to U.S. cities on a scale developed in nations such as France would serve the dual purpose of providing infrastructure jobs that conceivably could match the jobs created by President Eisenhower’s decision to build the interstate highway system, while providing cheap, safe and efficient energy to satisfy our municipal needs indefinitely.”
Today, the U.S. Navy runs ships around the world predominately on nuclear power, without a history of life- or environmental-threatening accidents.
Simon wrote: “Of course nuclear power can replace coal and oil entirely, which constitutes an increase in efficiency so great that it is beyond my powers to portray the entire process on a single graph based on physical units.”
Corsi noted that the one energy resource that is truly renewable and sufficiently robust to produce the energy required in the 21st century is nuclear power.
He said the example environmentalists and radical global warming alarmists typically neglect is France, a country that since the 1980s has built a network of modern nuclear power plants needed to power France’s major cities for the foreseeable future. Today, approximately 80 percent of France’s electricity is generated by 59 nuclear plants across the country that are at least a generation more advanced that the nuclear power plants operating today in the United States.
“As with the Exxon Valdez oil spill, the nightmare scenarios with nuclear power are now decades old,” Corsi wrote. “The Three Mile Island accident occurred in Pennsylvania in 1979, and the Chernobyl reactor meltdown occurred in the Soviet Union in 1986. The world has experienced no similar incidents with nuclear energy since then.”
Red Alert’s author, whose books “The Obama Nation” and “Unfit for Command” have topped the New York Times best-sellers list, received his Ph.D. from Harvard University in political science in 1972. For nearly 25 years, beginning in 1981, he worked with banks throughout the U.S. and around the world to develop financial services marketing companies to assist banks in establishing broker/dealers and insurance subsidiaries to provide financial planning products and services to their retail customers. In this career, Corsi developed three different third-party financial services marketing firms that reached gross sales levels of $1 billion in annuities and equal volume in mutual funds. In 1999, he began developing Internet-based financial marketing firms, also adapted to work in conjunction with banks.
In his 25-year financial services career, Corsi has been a noted financial services speaker and writer, publishing three books and numerous articles in professional financial services journals and magazines.
For financial guidance during difficult times, read Jerome Corsi’s Red Alert, the premium, online intelligence news source by the WND staff writer, columnist and author of the New York Times No. 1 best-seller, “The Obama Nation.”