romney drill baby drill.

CO, would you PLEASE decide which side of the fence you are going to be on? This liberal today and conservative tomorrow is making it hard to put you in a box!

 

Says the moron who has supposedly switched back a forth between liberal and libertarian more times than I can remember.

 

“With only 2% of the world’s oil reserves, we can’t just drill our way to lower gas prices,” President Barack Obama has stated over and over. “Not when we consume 20% of the world’s oil." The claim is blatantly false. 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. How much recoverable oil does the U.S. have in addition to the 22.3 billion Obama had in mind? Start with the Green River Formation in Wyoming: 1.4 trillion barrels—sixty-two times as much as Obama counts.

After Green River, it’s almost embarrassing to count other sources: 86 billion on the outer continental shelf; 24 billion in the lower 48; 2 billion on Alaska’s north slope; 19 billion in Utah tar sands; 12 billion in ANWR. Then add in oil shale: 800 billion just in Wyoming and neighboring states. When you include oil shale, the U.S. has 1.4 trillion barrels of technically recoverable oil, according to the Institute for Energy Research, enough to meet all U.S. oil needs for about the next 200 years, without any imports.”

These estimates are almost sure to rise over time—to anywhere from three or four to twenty or twenty-five times as much. Those are the ranges of error on past official estimates of recoverable oil. Here is what Robert Bradley Jr. calculated back in 2000 for the carbon-based energies:

Proved oil reserves today are estimated to be fifteen times greater than the original 1948 estimate despite interim production of eleven times this amount. World natural gas reserves in the last thirty years have increased almost five-fold despite interim production that has been 80 percent above the 1967 estimate. World coal reserves today are estimated to be over four times the amount calculated nearly a half-century ago.

So, which is it, Mr. President? Did you know these facts? One way or the other, the outcome was that you misled the American people—not slightly, but grossly.

 

Yes Luke.But the question is can The US produce enough oil to significantly bring down prices ? The answer is NO

Is it worth it to risk more gulf spills,drill in sensitive US areas and deplete US oil reserves when it doesn't stay in The US and it wont significantly bring down prices ? IMO No

 

I am a disappointed liberal with an attitude. Hope that helps.

 

Imo, price of oil is not based on supply and demand (in the conventional sense as with other commodities).

 

Well, you are very obviously not alone. The question of the election will be, how disappointed are those liberals?

 

What is funny is that CANADA can. That is why Canadians are very very interested in US politics.

 

Thanks for saying that, it helps out a lot, seriously. I, too, am pretty disappointed about several things. Not enough to jump ship to the crazy side, at least for President, possibly some congressional changes.

 

According to who?

IMO YES!