Yesterday, China announced it had found an enormous natural gas field in the South China Sea. It is possible that this field may contain up 6 trillion cubic feet of natural gas, according to this story from CNN. Total gas reserves in China, one of our major manufacturing competitors, is estimated to be 83 trillion cubic feet.
By contrast, U.S. reserves are some 420 trillion cubic feet. Almost 85% of it is subject to a federal moratorium. How much of China’s lesser reserve do you think will be subject to a federal moratorium…?
We are tying our hands behind our backs as we try to compete on a global scale. We have some of the largest reserves of natural gas in the world, yet we pay the highest prices for natural gas in the world, a price set on a local — not a world — market. And, we continue to be the only country in the world that limits access to its own natural resources.
Maybe we can export some radical enviros to China, help level the playing field a little bit.
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