Thursday, June 17, 2010

We have a lot of Oil

Remember Tuesday when Pres. Obama said this: "We consume more than 20% of the world's oil, but have less than 2% of the world's oil reserve. And that's part of the reason oil companies are drilling a mile beneath the surface of the ocean -- because we're running out of places to drill on land and in shallow water."

Well, it's not exactly true.


SBVOR said...


You describe what is -- without a doubt -- the most massively egregious deception EVER perpetrated by the profoundly evil and always utterly dishonest American Left. I have -- in fits of rage -- commented on this countless times.

Click here for substantiated facts on just a PORTION of our vast hydrocarbon resources.

The most notable omission in the previous link would be our vast Natural Gas resources. But, even the few sources which I document amount to about 7 times the proven oil reserves in Saudi Arabia.

Harrison said...

Nice! I'm so shocked, too.

The Real American said...

Let's not forget about the 1000 year Coal supply - which is around 70 percent of the entire world supply. The only thing that limits America's energy independence is a very vocal 3 percent of our domestic population.

askcherlock said...

Okay, let's just blame the Left for this. BP oil workers have complained that a disaster of this proportion was doomed to happen due to BP's lack of safety and "cutting corners.". Men would go to work and pray they would not get killed that day. So, it has happened and there are those representing the injured parties with scads of emails and documentation dating back to 2004 and 2005 warning of this. Yes, let's just blame the Left.

VH said...

@askcherlock: This post merely states that President Obama was less than truthful when he stated that the U.S. does not have much in oil reserves.

As for BP, IMHO, they are criminally negligent as I have posted. See here:

Project Savior said...

That article talks about oil from shale which is total BS. There is oil in shale but the energy it takes to extract it makes it uneconomical.
Since the cost of extracting it is tied to energy markets as the price of oil goes up the price of extracting it goes up, so it is always going to be uneconomical.
Economists call this cost/price scenario "The Infinite Horizon" meaning we can alway see the point where it will be profitable but as we approach it goes farther away.

VH said...

Actually, as the price of oil goes up and stays well above $50 a barrel, the cost of extracting the shale oil becomes far more feasible because the extraction technique's, although costlier than conventional means, is a fixed cost so that oil companies cover their their extraction costs while making a profit---expensive extracting methods like the ones employed at tar sands in Canada and even deep water drilling are commensurate examples of how this applies.