Life, liberty and the pursuit of oil

By OpinionFOXBusiness

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In this crazy world that we live in, it is almost impossible to believe that talk of socialism is even on the table. Capitalism is what our country really is all about. In fact, it is right in our founding principles that free people have a God-given right to life, liberty and the pursuit of profits.

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Ok, maybe they said happiness -- but for many people that is the same thing.

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Our free market system has served not only the United States, but it has led to innovations that have improved the lives of people all over the globe. Nowhere is this more clear than when it comes to the energy industry.

John D. Rockefeller figured out that if you could standardize oil you might be able to get rich. What a great business plan -- selling a needed product that you could use without taking your life into your hands. Of course that went onto become Standard Oil Co.

Capitalism has made our country among the most prosperous around the globe. It is because of the profit motive that causes us to innovate.

Since President Richard Nixon and the Arab oil embargo we have been looking for ways to end our energy reliance on countries that might not have our best interests in mind. A man by the name of George Mitchell, a wildcatter at heart, invested his own capital, time and talents to unlock the secret to extracting oil and gas from shale rock -- thereby transforming not only the energy industry but the world, as the U.S. is now the biggest producer of oil and gas in the world.

These types of innovations would have never happened under socialism. That’s why it is important that we keep free markets for free people -- as opposed to controlled markets for controlled people.

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Without the pursuit of profits in America we might still live in the dark ages. In fact, without energy innovations we would literally be living in the dark.

Phil Flynn is senior energy analyst at The PRICE Futures Group and a Fox Business Network contributor. He is one of the world's leading market analysts, providing individual investors, professional traders, and institutions with up-to-the-minute investment and risk management insight into global petroleum, gasoline, and energy markets. His precise and timely forecasts have come to be in great demand by industry and media worldwide and his impressive career goes back almost three decades, gaining attention with his market calls and energetic personality as writer of The Energy Report. You can contact Phil by phone at (888) 264-5665 or by email at pflynn@pricegroup.com.