“The ideal source of energy is not some ‘sustainable’—i.e., endlessly repeatable—form, but the best, cheapest, ever-improving form human ingenuity can devise. . . . An oil industry is ideal in the same way the iPhone is an ideal for so many. It may not be the best forever, but it is the best for now and we should be grateful to have it.”

Yesterday, I discussed the idea that fossil fuels actually improve the planet for human life. This idea has major implications for how the fossil fuel industry represents itself to the public.

Because of the narrative that fossil fuels harm the planet, the industry has tended to fight for its existence defensively, with the argument that it is a necessary evil, to be tolerated because of the jobs it creates, or because of other economic benefits.…

July 31st is the birth date of one of the great intellectuals of the freedom philosophy. Milton Friedman (1912–2006) would have been 101 today.

Friedman Legacy Day is being celebrated at 144 events: 90 in 44 states and Washington,D.C., and 54 events in 25 countries abroad. Here in Houston, a “Milton Friedman Rocks” party is tonight.

Friedman was more than a technical economist and early Nobel Laureate in this field; he was a popularizer of the case for free markets. His shorter tracts and biweekly column for Newsweek covered a variety of in-the-news issues, including energy. And he became more libertarian and appreciative of Austrian School economics (market-process economics), the rival to his Chicago School of economics, as time went on.

Friedman’s insight into the distortions from government intervention shortages are timeless.…

Royal Dutch Shell has spent billions of dollars over six years preparing to drill for new oil in Alaska. The hidden treasure is an estimated 20–25 billion barrels of oil beneath the Beaufort and Chukchi seas.

Not surprisingly, drilling for oil in Alaska is complicated and expensive (See map of proposed offshore exploration and drilling in Alaska). Part of the complexity is the distant Arctic location and short summer exploration and drilling window, and part is caused by drifty U.S. federal regulations.

Oil exploration and production is never easy (as in “the ‘easy oil’ has been found”), and new frontiers, technological and geographical, are always the challenge. And in this case, federal regulation from an anti-oil administration is at work.

Shell’s Coming Restart

on Shell’s suspended Arctic drilling operations for 2013, the company hasn’t given up.…

“How much oil seeps out from the ocean floor — and into the environment — around the Santa Barbara area? SOS California identifies offshore Santa Barbara as having “the second largest marine oil seeps in the world.” Centered around an area referred to as Coal Oil Point, some 10,000 gallons of crude oil seep from approximately 1,200 fissures in the ocean floor in any given 24-hour period.”

– Sylvia Cochran, “Natural Oil Seeps Harm Birds off California Coast, March 8, 2012.

This April 25, 2013 Wall Street Journal article, “Chilly North Sea Comes Back to Life: New Technology Is Set to Liberate Natural Gas That for 25 Years Was Trapped Beneath Sea Floor,” tells the story of significant advances in deep sea drilling technologies.

If companies can discover, drill, and deliver oil from stormy North Sea locations, why can’t firms similarly find and drill oil from Santa Barbara and other offshore California oil fields?…