Kudlow: ‘America has oil. Lots of it’

The entire planet has a lot of oil. What the US has is a unique combination of very unique property rights by landowners, a culture of drilling fields for more than a century, a large and competitive oil service industry, an IT sector that’s itching to squeeze more information out of the borehole, short ways to market, great infrastructure whee the oil is and no national oil company that tilts the playing field in its favor to maintain a grotesquely bloated administration. Add to that a culture to fail, dust yourself off, and try again and you know why shale cannot be killed.

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