Hamm & Bakken

Harold Hamm is a rock star in the energy business and has become a near mythical figure over the past several decades. Starting as a grunt in the oil fields of Oklahoma, the last of 13 kids whose sharecropper parents never owned their own piece of land is now the 33rd richest American. His amazing story is something all of us could use to think about in today's times.

I am more interested in Hamm's message than his history, however. Mr. Hamm, the original discoverer of the gigantic and prolific Bakken oil fields of Montana and North Dakota says that American energetic potential has barely seen its surface scratched. The discoveries of Bakken have already helped move the U.S. into third place among world oil producers and Hamm claims that their full potential number a whopping 24 billion barrells. This number represents double America's proven oil reserves and in conjecture with abundant natural gas potential could have the U.S. as the top energy producer on the planet within a decade or two.

This is certainly great news if true and worrisome beyond measure for OPEC, Russia and other energy exporters. Naturally, we wouldn't be seeing this sort of piece in the WSJ if there wasn't a Washington related angle. Personally, I don't give a shit. We already have way too much regulatory involvement in energy, I for one don't want to keep adding to the two sided argument.

All I can say is that this story is a worthwhile read and especially for those of us experiencing feelings of gloom and doom. I am far from an American exceptionalist, but I can't help to wonder why such a big chunk of the public is so down on U.S. based prospects. Not only is America's energy future brighter than ever, but it is looking ascendant and potentially more hegemonic than it's current military opulence.
I am all for alternative means of energy, but at a time when $600 million dollar government subsidies are going down the shitter, maybe it is not a bad idea to think about oil and natural gas again.

Regardless of your feelings and opinions on the subject I can confidently make two recommendations. Think about the life of Harold Hamm when looking for your daily dose of inspiration and think about how much the financial industry would benefit from the sort of American energy stability that Bakken can potentially bring.

 

As long as the environmentalists hold sway, there will be no more drilling for new oil anywhere in the USA. It doesn't matter how much we have if we aren't allowed to drill for it. It would be great if we could though.

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I am concerned about how much CO2 is going to go into the air from all of this. I think most people can agree that carbon dioxide levels have risen over the past 40 years and that there's some sort of correlation between economic activity and CO2 increases (note the dip in Mauna Loa's CO2 concentration chart during the 1973/74 energy shock.)

We need to get cracking on fusion ASAP. If we can make deuterium work, the fossil fuels vs. renewables debate is moot.

 
Best Response

The problem with environmentalists (and I am a huge one) is that they expect people to change vs. find green ways to accommodate them.

I want people driving ethanol or hydrogen H2's, not forcing people to drive tiny electric cars. I think nuclear and natural gas are the way to go, but they only want to push solar and wind, both of which are not there yet (although I think both have a place in energy production).

Environmentalist need to realize that people want what they want and you cannot tell them to change their lives if you ever want large scale support. That is why you see environmentalists on the left because this isn't about liberty and providing the better option, it is about controlling people and forcing them to do what THEY think is right.

 

Capitalism is a great system, but it doesn't change the fact that your right to pollute stops where my kids' lungs begin and where my house's drinking water starts.

The environmentalists have a much better point than the fiscal liberals do. Environmentalism isn't about wealth redistribution from the rich to the poor but rather about blocking negative externalities that are often diffuse, long-term, and difficult to quantify. But the fact that we can't quantify the damage from sulfur dioxide emissions doesn't mean it's not there. The fact that oceans aren't rising today and crops aren't failing today doesn't mean we're not seeing economic damage from global warming.

What environmental damage does over the long-term is reduce our long-term ability to create economic value. Just ask any fisherman in the Northeast.

 
IlliniProgrammer:
Capitalism is a great system, but it doesn't change the fact that your right to pollute stops where my kids' lungs begin and where my house's drinking water starts.

Agreed capitalism rocks and agreed again, this is a local and at most a state's rights issue. If locals are satisfied with booming economies, abundant job growth and being paid millions to do nothing while their property is explored for natural resources, why would you or I tell them that they really need a wind farm?

Environmentalism isn't about wealth redistribution from the rich to the poor but rather about blocking negative externalities that are often diffuse, long-term, and difficult to quantify.

Unfortunately, it is about wealth redistribution to the rich from the poor. The fact that we can't legally prove the intent doesn't mean it's not there.

But the fact that we can't quantify the damage from sulfur dioxide emissions doesn't mean it's not there. The fact that oceans aren't rising today and crops aren't failing today doesn't mean we're not seeing economic damage from global warming.

See my previous comment for rationale as to why I am not ready to accept forward projections of geological time based on statistics available for less than half a century.

 

I have zero issue with environmental penalties. I think we can all agree that dumping waste into drinking water is bad. Problem is moderation is a forbidden word. Additionally, shutting down all coal plants and blanketing the country with solar and wind would not be cheap and either jack up prices or jack up taxes.

 

I'd like to change the subject and direct everyone's attention to determining Harold Hamm's exact weight. As rufiolove pointed out above, 250 pounds might be in the correct neighborhood, but in order to determine his weight in gold, we shouldn't be so sloppy. If anyone can point me in the direction of the following: - any evidence regarding his diet - any evidence regarding his body type (ectomorph, endomorph, etc.) - any evidence regarding his athletic habits - genetic anecdotes? mother, father?

 

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