Obama playing fast and loose with the facts? Â Say it ain’t so!
On Saturday, President Barack Obama claimed that under his administration, oil production in America was â€œat an eight-year high,â€ that the number of operating oil rigs had quadrupled, and that millions of acres had been opened for drilling, which were assertions that did not present all the facts, said energy experts.
While Obamaâ€™s comments were technically accurate, he was leaving out vital information that gives a fuller picture of the situation, according to the Institute for Energy Research (IER). â€œOf course, heâ€™s right â€” to a point,â€ the DC-based energy group told CNSNews.com in an e-mail.
â€œIn classic fashion, heâ€™s using a technicality to skirt the facts and keep the myth of energy scarcity alive,â€ the IER email said. Â â€œThe reality is that the U.S. has enoughÂ recoverableÂ oil for the next 200 years, despite only having 2 percent of the worldâ€™sÂ currentÂ proven oil reserves.â€ (Emphasis added.)
â€œDeclaring that â€œthe U.S. has only 2% of the worldâ€™s oil,â€ which Obama has done, â€œis akin to saying that the only gasoline we will have is that which is in our tanks,â€ said IER. â€œThe president should know better, and if he does not, his secretaries of Energy and Interior should tell him.â€
What the president leaves out, said the IER, is technically recoverable oil, oil we know about but cannot access due to government regulations.
â€œProven oil reserves are not all of our oil resourcesâ€”not even close,â€ the group said.
According to statistics provided by the IER, the United States has 1,442 billion barrels of technically recoverable oil.
AsÂ CNSNews.com has reported, oil production on federal lands declined in fiscal year 2011 from fiscal year 2010 by 11 percent, and natural gas production on federal lands dropped by 6 percent during the same timeframe.