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LETTER: Obama’s energy whoppers point to failures

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President Obama has recently claimed that the U.S. has only 2 percent of the world’s petroleum reserves but uses 20 percent of the world’s oil. Therefore, he postulates that drilling for oil is a no-win proposition for us to rid ourselves of energy dependence. Despite his insistence that we don’t have enough energy reserves to maintain independence, nothing could be further from the truth.

The U.S. is actually awash with oil reserves – enough to last hundreds of years – aside from the 22.3 billion barrels of proven reserves that we are currently drilling.

There are 86 billion barrels in the Outer Continental Shelf, according to the Bureau of Ocean Energy management.

There are 24 billion barrels in shale deposits in the lower 48 states, according to the Energy Information Administration.

There are 2 billion barrels of oil in shale deposits in Alaska’s North Slope, says the U.S. Geological Survey, up to 12 billion barrels in the Arctic National Wildlife Refuge and up to 19 billion barrels in Utah tar sands, according to the Bureau of Land Management.

The Green River Formation in Wyoming, according to USGS, holds 1.4 trillion barrels of oil shale, a type that is released from sedimentary rock after it is heated.

America’s combined energy resources are, according to the Congressional Research Service, the largest on Earth. They eclipse Saudi Arabia, third; China, fourth and Canada, sixth, combined.

According to the CRS, we have around 163 billion barrels of oil reserves, “enough oil to maintain America’s current rates of production and replace imports from the Persian Gulf for more than 50 years.”

So why, one might ask, would the president of the United States tell such preposterous whoppers?

He and his administration came into office determined to suppress oil and gas production in order to raise prices, and to substitute politically favored forms of energy, labeled green.

That strategy bombed, as the American people predictably rebelled against a doubling in gas prices and other energy costs.

The basis of Obama’s claim that we have only 2 percent of the world’s proven oil reserves is because he is only counting what we are currently drilling. It is like owning a 100-room mansion and because you only live in one room of it claiming that you don’t have enough living space.

Meanwhile, back in the real world, the price of gas has doubled during Obama’s period in office – it was $1.87 when he was sworn in and is now $4.04 in Tell City.

Consumer Price Index figures from February show an unadjusted 12-month inflation rate of 19.2 percent, but in the last month alone prices jumped 6.8 percent. If the trend continues, gas prices would double again within a year. Imagine $7 a gallon gas, folks.

You’ll see liberals on TV saying that domestic oil production is at an all-time high. Yes, oil production on state and privately owned land is high. Obama has no control over that, but federal land produced less crude oil in 2011 than it did in 2003.

Crude oil and natural-gas production on government lands both fell significantly between 2010 and 2011, according to the government’s own records.

The president has done everything in his power to destroy the oil industry in America, virtually shutting down production in the Gulf of Mexico, off our continental shelf and in Alaska.

The simple truth is this: Oil prices are going up because the world economy is consuming more oil and supply has not increased to meet the demand, in part because the Obama administration discourages North American energy development, most recently by stopping the proposed Keystone pipeline from Canada. It’s easier to blame oil shortages for high gas prices at the pump than the administration’s business-killing politics.

While I’m here. I remember in 2006 when gasoline prices were high and the media and every leftist in the nation blamed President Bush for the spike in gasoline prices. I think it was CNN that snarked, “Well, what do you expect with two oil men in the White House?”

Suddenly with Obama BHO at the helm the president is not responsible for gasoline prices. You can’t have it both ways, liberals.

Obama promised to “fundamentally transform America” and he is doing so. We are being transformed from a wealthy nation into a poor one. We are changing from capitalism into socialism and we are changing from a shining light upon a hill into Europe.

JIM ADKINS
Tell City