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CEDAR RAPIDS, IOWA – AUGUST 06: Republican presidential candidate and North Dakota Governor Doug Burgum interacts with attendees at Ashley’s BBQ Bash, an event organized by Congresswoman Ashley Hinson (R-IA) on August 06, 2023. The gathering included seven out of the 14 GOP candidates vying for the party’s presidential nomination.
Current Interior Secretary Doug Burgum is noted for his recent actions that put constraints on renewable energy initiatives, particularly in New York, where he has suspended wind projects and mandated a review of all wind project permits issued during the Biden administration. This stance does not reflect a support for wind power but rather highlights how certain industrial policies can stagnate progress, similar to the adverse effects tariffs can impose.
At this moment, it is undeniable that oil remains the world’s most vital commodity. Its absence would revert society to a rudimentary existence characterized by arduous labor. The role of oil extends beyond transportation—fueling trains, cars, and planes—as it also powers automation across production sectors, underlying many products that shape our daily lives. Presently, our reliance on oil is profound.
Yet, it is essential to recognize that our current reliance on oil is a historical perspective. Less than two hundred years ago, the extraction of crude oil was not a societal demand. This transformative resource, once hidden in plain sight, fundamentally altered economies and enhanced quality of life. The realization of oil’s multifaceted uses had to be uncovered, echoing the views of thinkers like George Gilder, who emphasize that true wealth lies in knowledge. The discovery of oil’s potential spawned vast wealth, illustrating that its multitude of applications was not initially understood—similar to the current state of wind energy.
While we grasp the potential of wind power, its full capabilities remain largely undiscovered. This observation is not a call for government subsidies; rather, it underscores the inherent limitations of governmental understanding in the realm of progress. Market participants operate in a landscape of ongoing discovery, uncovering what is not immediately apparent. Just as oil was once underutilized, alternative energy sources like wind may be concealing transformative potential.
This perspective leads us back to the practices of the Trump administration. Their approach, which claims to promote free-market principles, paradoxically undermines the essence of market dynamics by deciding which energy sources should be prioritized. The uncertainty of the future means that innovative individuals are essential to seek investment in potentially revolutionary ideas that could redefine our energy landscape.
Will the future of energy be shaped by wind in the same way oil has influenced our present? There is no way to predict this outcome any more accurately than it would have been possible to foresee in the late 19th century that oil would become a cornerstone of 20th-century progress. One need only consider the legacy of John D. Rockefeller to understand this reality; his journey was not aligned with contemporary wisdom but rather paved an entirely new path.
In business, the present reflects our historical choices. The ambitious drive this process. To achieve progress, it’s imperative that the current administration refrains from favoring specific economic outcomes and instead allows a diverse array of visionary thinkers to chart the future path of energy development.
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