February 24, 2012
Obama’s oily deception
By Steve McCann
Once again the nation is experiencing gas prices exceeding $4.00 per gallon and as predictable as the sun rising in the East, Obama claims there are no easy fixes and that the real solution is the forced development of alternative energy — after all the United States has only 2% of the world’s oil reserves. This is not only demagoguery of the worst sort but an outright lie.
The United States is, for the second time in less than three years, being reminded of its absurd dependence of foreign sources of energy, most notably, oil. The upheavals in the Middle East have driven up the cost of a barrel of oil into triple digits as it was in 2008 and 2010. However were there stability in this region the long-term price of crude would still be at or near this price range due to the increasing demands of countries such as China and India and the deliberate devaluation of the dollar by the Federal Reserve and the Obama administration.
In 1982 China oil consumption was 1.7 million barrels per day; in 2010 it had increased to nearly 10.0 million barrels per day. India, also in 1982, consumed .7 million barrels per day, today India is using 3.0 million barrels per day. The United States increased its consumption by 3.6 million barrels per day during this same period. (http://www.eia.gov/forecasts/ieo/index.cfm)
In the meantime America has decreased its domestic production by nearly 3.0 million barrels per day.
The country’s dependence of foreign sources has increased to 54% of the daily requirement as compared to 45% just 15 years ago. Over half of that amount comes from countries that are inherently unstable or ruled by despotic regimes whose interest it is to de-stabilize the United States. (http://www.eia.doe.gov/emeu/steo/pub/contents.html)
Yet the United States is sitting on the world’s largest untapped oil reserve. A natural resource that would not only mitigate the over $400 Billion sent overseas to other countries but could create untold millions of jobs and put the country on a sound financial footing.
The untapped reserves are estimated up to 2.3 Trillion barrels, nearly three times the reserves held by the OPEC countries and sufficient to meet 300 years of demand, at today’s levels — for auto, truck, aircraft, heating and industrial fuel, without importing a single barrel of oil. (http://kiplinger.com/businessresource/forecast/archive/The_U.S._s_Untapped_Bounty_080630.html)
Here is a look at some of the largest untapped reserves:
The Bakken Fields in North and South Dakota. New drilling and oil recovery technology is making the capture of this oil feasible and some development is now underway. It is estimated that there is at least 200 Billion barrels of oil in this region. At a price of $100 per barrel the value of this find is $20 Trillion.
The Outer Continental shelf. It is estimated that around 90 billion barrels of oil sit beneath the ocean bed 50 to 100 miles off the shore of the Atlantic, Pacific and Gulf coasts. The value: $9 Trillion.
The Alaska National Wildlife Refuge. About 10 billion barrels are locked up here with a current value of $1 Trillion.
Tar Sands: Around 75 Billion barrels of oil could come from these areas which are similar to the Canadian tar sand fields and which now produce about 2 million barrels per day. The value: $7.5 Trillion
Oil Shale. This is the most massive area of potential oil production in the world with an estimated 1.5 Trillion barrel potential. The technology necessary to extract this oil is now in place and being operated on a pilot project basis. The value of this resource: $150 Trillion
There also the very real potential that further finds will be discovered as technology continues to improve.
In total the value of the potential oil reserves of the United States listed above exceeds $187 Trillion. The current national debt is $14.2 Trillion or less than 8%.
Despite the protestation of President Obama and the environmentalists the world and particularly the United States is not running out of oil. Their foolish tilting at windmills and solar will never produce energy sufficient to operate a $15Trillion and hopefully growing economy. It will be decades if not the rest of the 21st Century before any meaningful substitute for fossil fuels will be developed and additional time and investment will then be necessary to distribute the product.
Mankind’s ingenuity has and will continue to develop technology to safely extract process and market fossil fuels (which is a naturally occurring resource).
Americans have seen how productive/profitable Obama’s Green Projects have gone:
Failed “Green Projects”: Solyndra, Lightsource, Tennessee Truck Charging Station, Tonopah tied to Nancy Pelosi, US Navy paying $15 per galloon for jet fuel (Obama Crony involved), then today we hear about the parent company of electric car batteries, supplied with Obama cash has filed for bankruptcy.
Even after Obama loans to “Green Companies” have ended in bankruptcy, Obama shells out more taxpayer money/loans for “Green Jobs.”
No Keystone Pipeline with TransCanada to ship oil from Canada to US.
Obama Vetos Keystone Pipeline; What Does He Have Against Jobs and Freedom to Have our Own Oil Production? Crony Capitalism, Donor Repayment, and Political Idealism……
U.S. Backs $1B Loan to Mexico for Oil Drilling Despite Obama Moratorium. Another Foreign Oil Company? What About American Oil Rig Workers?
Obama claims the Republicans will use…..Drill…..Drill…Drill. That it would take 10 years to produce oil.
Yesireee…..IF Obama had allowed drilling to START when he took office, we would be 3 years into the 10 year time table.
Obama has strangulated the coal production within the US. Americans get an abundance of their electricity from coal. EPA regulations are in the process of shutting down coal burning electrical plants.
NO drilling, STRANGULATING coal burning plants through regulation, FAILED “Green projects”…….
America…..get out your candle making kits, your wicks and paraffin. We might just be using candles soon instead of lightbulbs. Oh, and by the way……Obama has regulated incandescent lightbulbs. They government now wants to TELL YOU what lightbulb to use. Wants you to buy CFL’s that contain mercury and are hazardous after breakage and require basically hazardous material cleanup instructions. It’s funny…..no instructions within packaging of CFL’s; just a website printed on packaging.
Obama’s Crony Capitalists waiting to inflate their coffers:
“Warren Buffett’s Burlington Northern Santa Fe LLC is among U.S. and Canadian railroads that stand to benefit from the Obama administration’s decision to reject TransCanada Corp.’s Keystone XL oil pipeline permit,” Bloomberg reported earlier this year.
Buffett’s Berkshire Hathaway Inc. holding company purchased the Burlington Northern Santa Fe Railroad Corp. in a total package worth $44 billion in 2009.
White House: Obama “Didn’t Turn Down The Keystone Pipeline” — Republicans “Forced Him To Deny Permit” …
Carney in full Baghdad Bob mode.
White House press secretary Jay Carney first says Republicans “forced” President Obama to deny the permit for the Keystone XL pipeline. Later in his press briefing, Carney says Obama didn’t turn down the pipeline.
“In terms of Keystone, as you all know, the history here is pretty clear. And the fact is because Republicans decided to play political with Keystone, their action essentially forced the administration to deny the permit process because they insisted on a time frame in which it was impossible to completely approve the pipeline,” Carney said when asked about the pipeline by ABC News’ Jake Tapper.
Jake Tapper: “How can you say that you have an all the above on approach if the President turned down the Keystone pipeline? And you blame the Republicans for making it political.”
Carney: “But the President didn’t turn down the Keystone pipeline. There was a process in place, with long precedent, run out of the State Department because of the issue of the pipeline crossing an international boundary, that required an amount of time for proper for review after an alternate route was deemed necessary through Nebraska at the request of the Republican Governor of Nebraska and other stakeholders in Nebraska and the region that needed to play out, to be done appropriately. You can’t review and approve a pipeline, the route for which doesn’t even exist.
*****Nope; NOTHING is OBAMA’s fault. It is always anyone and anything else’s fault.****
And it must have sounded like a half-empty bowling alley. From WaPo:
Natural gas entrepreneur T. Boone Pickens gave $453,250 to the liberal think tank Center for American Progress (CAP) in 2008 and 2009 through his nonprofit groups, to support its National CleanEnergy Project events. At the time, Pickens was pressing lawmakers to adopt a bill to subsidize construction of natural gas filling stations. The legislation would have directly helped a company Pickens co-founded called Clean Energy Fuels, which describes itself as “the leading provider of natural gas for transportation.”
Pickens knows how to pick ‘em, in the course of picking our pockets. You want central planning, you go to central planners.