From our southern border to the Middle East, chaos is all around. With ISIS on the move in Iraq and targeting oil refineries in the country, energy prices will necessarily skyrocket. Given the strength (or lack thereof) of the global economy, $150 to $200 per barrel oil is a frightening reality we may soon face. On Thursday’s Glenn Beck Program, Glenn took an in-depth look at the situation in the Middle East and the possibility of energy independence.
Saudi Arabia is predicting the Middle East will devolve into a civil war, and if that is the case there is no limit to how high crude oil prices would soar. But it doesn’t have to be this way.
As Glenn explained, America was not a military superpower on the eve of World War II. Designing sophisticated aircrafts and weaponry simply wasn’t a priority, and yet the country rose to the occasion when faced with no other option.
The U.S. is facing a similar dilemma today. As it is, North Dakota is already producing 1 million barrels a day, while Texas leads the nation with 2 million barrels daily. Looking to our neighbors up north, only 19 Canadian provinces have a similar capacity. While the pipelines and fracking operations would be not be able to handle the level of production needed to allow complete independence in their current state, incremental changes now could help stave off “utter chaos” later.
“Now is the time to make sure we can remain free and not intervene in the Middle East,” Glenn said. “We don’t have the resources, and we don’t have the passion for it anymore.”
Remaining “free” is going to require a chance of strategy. Glenn brought in energy expert Chris Martenson, co-founder of Peak Prosperity, to discuss what exactly an energy independence strategy would entail.
Martenson was very pragmatic in his thinking about the situation. He explained that even with an all out blitz, energy independence is at least five to 10 years away. He was quick to clarify, however, that there are questions as to whether the necessary supply is actually there.
“People need to understand: This is a complete game changer,” Martenson said. “We have to get serious… We have to have a vision… And I don’t see any of those things right now.”
Ultimately, Martenson did admit that the United States and the rest of the world needs to start taking a serious look at energy and economy and recognizing how one impacts the other.