You can’t stop the entrepreneurial spirit of America’s job creators, their persistence or appetite for success. Despite the administration’s roadblocks to domestic oil production, manufacturers remain resilient and innovative, achieving new breakthroughs and continuing to find and develop new domestic energy resources.
An editorial in today’s Wall Street Journal details the success of energy producers continued commitment to exploration, despite the challenges they have faced over recent years, such as the recent moratorium in the Gulf of Mexico.
The Journal notes:
The Interior Department is still issuing very few permits, only 15 for new wells since it lifted its moratorium in October, but Exxon received one of them and struck black gold at 7,000 feet below sea level and some 230 miles at sea… Exxon estimates the field contains some 700 million barrels of oil equivalent, one of the largest finds of the last decade.
The great energy irony of recent years is that governments have thrown hundreds of billions of dollars at wind, solar, ethanol and other alternative fuels, yet the major breakthroughs have taken place in the traditional oil and natural gas business. Hydraulic fracturing in shale, horizontal drilling and new seismic techniques are only the best known examples.
Oil and natural gas companies have stepped up their efforts, incorporating additional safety and environmental protections as part of their commitment to the sound, reliable production of domestic energy to lower costs and reduce our dependence on foreign oil.
The Journal’s editorial concludes, “The Exxon discovery is a display of the animal spirits that still live in the U.S. energy industry, notwithstanding the political efforts to stifle them. As much as Washington tries, the U.S. economy is hard to keep down.”