Sometimes innovative ideas are washed away; sometimes brilliant ideas are overlooked. Malcolm Bendall may be a genius who has been overlooked.
For over 30 years, Malcolm Bendall, the CEO of the Kansas-based company Energy Empire Energy Corporation International has been trying to convince the world that there is undiscovered oil and gas buried in Tasmania, Australia, where neither has ever been found. In the process, Bendall has raised tens of millions of dollars for seismic and other geological studies. Soon, we will know if Bendall is right.
Last week, Bendall announced that Empire has become the first company to drill for oil and gas in Tasmania. Upon starting this process, it has been discovered that the independent firm, RPS Energy, has estimated the prospective presence of over 2.2 billion barrels of trapped petroleum on Empire’s Tasmanian-licensed area. Based on the current oil prices in the U.S., these barrels would be worth over $230 billion.
If Bendall is right, this will change the economy of the world. Two weeks ago, when Hurricane Ike hit Texas, there was widespread fear that oil refineries would be destroyed. In certain parts of New Jersey, a record number of instances of price gouging occurred after Ike, with gas prices rising as high as $5.59 per gallon. Many people feel the sole reason we are in Iraq is to attempt to stabilize oil prices. If there is oil in Tasmania, relief may be in sight.
One thing is certain. Americans are having a difficult time paying for gas and oil, and there appears to be a shortage. If Bendall and Energy Empire are right, the face of the world will change for the better.
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