SEARCH BLOG: ENERGY
If oil production had risen 11% on Federal lands instead of falling by 11% the increased number of jobs and the amount of oil produced would be substantial. Would it be enough to offset the world's jitters about an unstable Iran? Not likely, but it would be a move in the right direction. It would be sending a message to Iran and a hodge-podge of other anti-American states that their economic foundations are about to crumble as the post-9/11 speculative price of oil declines.
As it is, President Obama's current anti-energy policies allow hostile countries like Iran to finance their anti-American efforts.
The argument, of course, is that the U.S. has only 2% of the world's proven reserves. This 2008 chart from Al Fin, says differently:
Since then, the growth of shale oil in both the U.S. and Canada has made that conservative projection obsolete. Economist Mark Perry from the University of Michigan, Flint, reported:
The Gateway Pundit:
Barack Obama continued to repeat the myth today that the US has only 2% of the world’s oil reserves.
The AFP reported:
Obama warned supporters that they would likely soon hear Republican calls of “drill, drill, drill” as election season heats up, and but warned that solely relying on new oil exploration would not solve America’s energy woes.
“America uses more than 20 percent of the world’s oil. If we drilled every square inch of this country …. we would still have only two percent of the world’s known oil reserves.The "gap" is the amount of bureaucratic obstruction led by Barack Obama & Co.
“If you have got two and you have got 20, there is a gap.”