George P. Mitchell died this past summer. Though not widely noted, his American ingenuity has laid siege to the fundamental injustices of the world and promised a now inevitable American economic renaissance. In the 1980s, industry experts thought his idea was "stupid." Today, Mitchell's invention is completely reversing global fortunes. His invention: Fracking.
Because of the ingenuity of this Texan, global oil and gas markets are in complete upheaval. His home state of Texas is experiencing skyrocketing production of oil and natural gas. Texas is the thirteenth largest producer of oil in the world today and production continues to rise dramatically in places like the Eagle Ford and Barnett Shale oil plays. Mitchell's invention insures that Vladimir Putin's claims to increased Russian hegemony are largely vain. The abundance of fossil fuels yielded by the Texan's genius threatens the cornerstone of Russian economic prowess: natural gas. With oil at over $100 a barrel, money is pouring into the Texas treasury and the state, already in surplus, finds itself with an improbable exponential windfall. The United Statessurpassed Saudi Arabia this past year to become the largest producer of fossil fuels. The United States is easily on track to become a fossil fuel exporter -- especially in natural gas.
European leaders recently issued warnings that European industry is at risk of an 'industrial massacre' due to industry departing the region for America because of high energy costs. The plummeting prices of oil and gas poise the United States for an unprecedented industrial renaissance. The driving cost of industrial production is energy and America is drowning in it.
