Manhattan Institute for Policy Research.
Subscribe   Subscribe   MI on Facebook Find us on Twitter Find us on Instagram      

Washington Examiner


Tank Takes: New technology Extends Reign of 'Yesterday's Energy'

April 04, 2013

By Robert Bryce

Although ongoing innovation in the drilling industry is obvious, the "clean" energy sector is the one that gets most of the attention from politicians, political appointees, and environmental groups.

In 2011, in his State of the Union speech, President Barack Obama called oil "yesterday’s energy." He went on to claim that spending more federal tax dollars on "clean energy technology" would "strengthen our security, protect our planet, and create countless new jobs for our people. ... With more research and incentives, we can break our dependence on oil with biofuels and become the first country to have a million electric vehicles on the road by 2015."

Obama’s sound bite may appeal to certain elements of the Green Left, but here’s the reality: Oil has been "yesterday’s energy" for more than a century. Yet it persists. Why? Oil is a miraculous substance. If oil didn’t exist, we would have to invent it.

No other substance comes close to oil when it comes to energy density, ease of handling, and flexibility. Those properties explain why oil provides more energy to the global economy -- about 33 percent -- than any other fuel....

Those facts haven’t stopped Obama, or his political appointees, or leading environmentalists from demonizing oil at every opportunity. ...

Cheap, abundant, reliable energy supplies are essential for economic development. Despite many decades of dire predictions of energy shortages, along with the calamity and economic problems that would come from such shortages, the world continues to increase production of hydrocarbons.

Those increases are a direct result of continuing innovation in the drilling sector, and those innovations provide plenty of reason to assume that oil and natural gas will remain dominant players in the global energy market for decades to come.

Original Source:



America's Legal Order Begins to Fray
Heather Mac Donald, 09-14-15

Ray Kelly, Gotham's Guardian
Stephen Eide, 09-14-15

Time to Trade in the 'Cadillac Tax' on Health Insurance
Paul Howard, 09-14-15

Hillary Charts the Wrong Path on Wage Inequality
Scott Winship, 09-11-15

Women Would Be Helped the Most By an End to the 'Marriage Penalty'
Diana Furchtgott-Roth, 09-11-15

A Smarter Way to Raise Paychecks
Oren Cass, 09-10-15

Gambling with New York's Pension Funds
E. J. McMahon, 09-10-15

Vets Who Still Serve: After Disasters, Team Rubicon Picks Up the Pieces
Howard Husock, 09-10-15


The Manhattan Institute, a 501(c)(3), is a think tank whose mission is to develop and disseminate new ideas
that foster greater economic choice and individual responsibility.

Copyright © 2015 Manhattan Institute for Policy Research, Inc. All rights reserved.

52 Vanderbilt Avenue, New York, N.Y. 10017
phone (212) 599-7000 / fax (212) 599-3494