By: Jeffrey Klein
President Barack Obama is desperately trying to paint a picture of success in defense of his “Anything buy Oil” energy policy–unfortunately, the carefully crafted narratives designed in Chicago and being distributed from Washington, D.C., are collapsing in plain sight.
The most dangerous one to the future of Obama and the Democrats is the skyrocketing price of motor fuel, which is wreaking havoc in most homes and businesses across America.
In addition to having a chilling effect on the economy, the average increase in monthly fuel costs for families has erased the average value of the highly touted “Payroll Tax Holiday,” which has “choked off” the only source of funding for the nearly bankrupt Social Security Trust fund.
While President Obama continues claiming there is no “silver bullet” solution for the cost of oil, and mocks Republicans for their ’3-point plan…drill, drill and drill some more, in order to $2.50 per gallon plan,’ he is truly trying to deceive the American public.
His often repeated fallback statement is … ‘we use a quarter of the world’s oil, but only have 2% of the world’s oil reserves. So, do the math … it’s impossible,’ according to Gerri Willis FOXBusiness article from February 27, 2012.
The source of this “mythical” 2 percent is that they are only counting “proven oil reserves.”
The official definition for proven oil reserves, from the non-partisan Congressional Research service, reads in part … “certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions.”
The key word here is “existing” conditions.
According to this definition, there are 20 billion barrels in proven reserves in the United States.
But, the amount of so called “technically recoverable” oil is over seven times greater.
Now, using today’s technology, including fracking to release oil from shale deposits, which is the type that would have flowed through the Keystone XL Pipeline, the U.S. has nearly 1.5 trillion barrels of oil, which would be enough to fuel our present needs for around 250 years, according to the Institute for Energy Research.
According to Willis reporting, [John Hofmeister], the former Shell Oil Company CEO, who is also the founder of “Citizens for Affordable Energy,” appeared on FBN earlier today, explained how we could easily get back to producing 10 million barrels a day:
“The best source for new oil is the world’s largest consumer economy: this country.
We could go back to 10 million barrels if we had the permitting that would enable it to happen. We have the oil. There is more oil in this country that we’re not allowed to get at than oil we’re allowed to get at.”
But much of the oil is off limits thanks to the policies of this President:
-The outer Continental shelf.
-The Arctic National Wildlife Reserve in Anwar.
-And Shale Oil, where the United States has the largest deposits in the world–estimated by the government to be over 2 trillion barrels.
Finally, President Obama is famous for bragging that ‘oil production is at the highest it has been in eight years under my watch,’ which although chronologically true—it is a blatantly and intellectually corrupt statement.
Oil production has indeed risen…but only on private and state lands, such as the shale oil boom going on in North Dakota, which has brought with it a 3% unemployment rate.
As far as production on federal lands under the Obama administration, various figures show that it has declined precipitously, off 30 percent in the Gulf of Mexico, as well as a 70 percent decrease in permitting on federal lands.
Most of the current exploration and drilling was initiated under the Bush administration.
President Barack Obama is now famous for making another, boastful, outrageous claim lately–that he has “five more years to go in his presidency,” which is equally feckless.