Sunday, October 02, 2011

North Dakota Arabia

The Weekend Interview with Harold Hamm: How North Dakota Became Saudi Arabia -

Great article, just read it! If we can just get B0 and Democrat cronies out of DC, we are more than poised to have an economic burst bigger than the 80's + pay off the national debt.

Oh wait, that is an OPTIMISTIC assessment, and these days we are back into the Carter era gloom and woe.

Mr. Hamm's rags to riches success is the quintessential "only in America" story. He was the last of 13 kids, growing up in rural Oklahoma "the son of sharecroppers who never owned land." He didn't have money to go to college, so as a teenager he went to work in the oil fields and developed a passion. "I always wanted to find oil. It was always an irresistible calling."

He now is the 33rd richest guy in America.

Mr. Hamm calculates that if Washington would allow more drilling permits for oil and natural gas on federal lands and federal waters, "I truly believe the federal government could over time raise $18 trillion in royalties." That's more than the U.S. national debt, I say. He smiles.

Oh wait, it might be only half that ... this guy is an optimist, and this is the age of fools -- we invest $500 million in bankrupt "green energy" companies, and stick it to guys like Hamm. 

Now why is it again that US corporations are sitting with trillions of dollars on the sideline talking about "uncertainty"??? 

Washington keeps "sticking a regulatory boot at our necks and then turns around and asks: 'Why aren't you creating more jobs,'" he says. He roils at the Interior Department delays of months and sometimes years to get permits for drilling. "These delays kill projects," he says. Even the Securities and Exchange Commission is now tightening the screws on the oil industry, requiring companies like Continental to report their production and federal royalties on thousands of individual leases under the Sarbanes-Oxley accounting rules. "I could go to jail because a local operator misreported the production in the field," he says.
It is so reminiscent of "Atlas Shrugged"

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