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Friday, March 16, 2012

Obama Lies about Oil Reserves

Timothy Birdnow

Barack Hussein Obama, in broken record fashion, repeats the lie about America not being able to drill it's way out of high oil prices. He continues the mantra "America has just 2% of the world's proven oil reserves". That is technically true. But what does that mean?

According to Investor's Business Daily:

"But the figure Obama uses — proved oil reserves — vastly undercounts how much oil the U.S. actually contains. In fact, far from being oil-poor, the country is awash in vast quantities — enough to meet all the country's oil needs for hundreds of years.

The U.S. has 22.3 billion barrels of proved reserves, a little less than 2% of the entire world's proved reserves, according to the Energy Information Administration. But as the EIA explains, proved reserves "are a small subset of recoverable resources," because they only count oil that companies are currently drilling for in existing fields.

When you look at the whole picture, it turns out that there are vast supplies of oil in the U.S., according to various government reports. Among them:

At least 86 billion barrels of oil in the Outer Continental Shelf yet to be discovered, according to the government's Bureau of Ocean Energy Management.

About 24 billion barrels in shale deposits in the lower 48 states, according to EIA.

Up to 2 billion barrels of oil in shale deposits in Alaska's North Slope, says the U.S. Geological Survey.

Up to 12 billion barrels in ANWR, according to the USGS.

As much as 19 billion barrels in the Utah tar sands, according to the Bureau of Land Management.

Then, there's the massive Green River Formation in Wyoming, which according to the USGS contains a stunning 1.4 trillion barrels of oil shale — a type of oil released from sedimentary rock after it's heated."

End excerpt.

In other words, the Proved Reserve means oil being currently drilled, which means oil that THE GOVERNMENT ALLOWS TO BE DRILLED. If government says we can't get it that reserve leaves the Proved equation. So Barry is lying in a quite slick fashion.

In fact, all U.S. oil reserves would last us at least three hundred years. Now, much of that would not be worth going after, but making the claim that we don't have it is dishonest to the point of despicable. We are oil dependent because those who claim to want us to be independent of oil - particularly the environmentalists - really want us energy poor. They want us to starve in the midst of plenty. It's about control, about big government, about regulation, about internationalist schemes to bring us together in equal portions of misery.

If President Obama is too ignorant to understand this he has no business being president. And if he knows this he is too great a liar to be president. No matter how one looks at it, Obama outs himself as someone who should be far, far from the levers of power.

Hat tip; Rick Moran at American Thinker.

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