From today’s WSJ editorial “Natural Decarbonation“:
One of President Obama’s steadfast second-term priorities is his regulatory “climate action plan.” If the point is to reduce carbon emissions, the evidence suggests he’d accomplish more counting on capitalism.
The Energy Information Administration (EIA) reported last week, to too little media fanfare, that U.S. energy-related carbon-dioxide emissions declined 3.8% in 2012, bringing C02 emissions to their lowest level since 1994 (see chart above).
….the innovation of the private oil and gas industry in extracting natural gas from oil shale has done more to reduce CO2 emissions than have all of the Obama Administration’s subsidies, mandates and crony-capitalist schemes for renewable energy.
Mr. Obama should say a prayer of thanks every day for the fracking and horizontal drilling revolutions, which have so far managed to avoid the crippling grasp of Washington regulators. If Mr. Obama is looking for a slogan for his “climate action plan,” here’s an idea: Keep on frackin’.