The Abundance Revolution

James P. Pinkerton writes a very clever article about the origins of the Abundance Revolution. The article pretends that it is the year 2064, and he is looking back at the pivotal year 2014. What happened in 2014? Fracking technology, and the revelation that the United States

possessed greater energy reserves than Saudi Arabia, China, and Canada combined. Cliven Bundy and hundreds of supporters stood up to the armed federal government, and state and local elected officials sought to take back federal lands in their states.

In 2013, the Institute for Energy Research issued a report noting that the total value of oil and natural gas under federal lands and federal waters amounted to $128 trillion. In that era, $128 trillion was more than seven times the GDP of the US, more than 10 times the national debt held by the public, and more than 40 times annual federal revenues. A few observers took note of the report, suggesting policies to make use of that wealth, and yet most figures, in both parties, seemed not to notice the bonanza beneath their feet.

At about the same time, in 2014, as the US was waking up to the crisis of scarcity, as well as the enticing prospect of energy abundance, Americans also began to realize that we faced other shortfalls, too.

In particular, we needed to secure our access to Rare Earth Elements (REE). For most of human history, such exotic REE as Lanthanum, Scandium, and Ytrrium were just mineral curiosities. Yet by the late 20th century, human ingenuity had found vital uses for REE in the new information economy. We found that it simply wasn't possible to run computer chips, lasers, batteries, and other advanced technology without REE.

Pinkerton concludes this fantasy voyage:

Today, America is not only exponentially richer than it was 50 years ago, it is also safer and more secure. Powered by cheap energy, we make things here at home, and we use our brains to keep finding more energy, more REE, and more wealth. We enjoy all the wonders that we once thought we could not afford, from first-rate infrastructure and generous old-age pensions to organ regeneration to minimal taxes—even a budget surplus. We are protected by missile defense, even as adventurous Americans embark on deep-space travel.

Yes, it’s been a great half-century for America, and we owe much of our good fortune to the bravery of Cliven Bundy.

Read more here.