Is President Obama simply ignorant of the energy issues in this country? Or does he just want to force upon us his alternative energy policy?
On Mar 7 2012, at a Daimler Truck manufacturing plant in North Carolina, Obama said that because the US consumes 20% of the world’s oil usage but only has 2% of the world’s petroleum reserves, “we’re not going to be able to just drill our way out of the problem of high gas prices. Anybody who tells you otherwise either doesn’t know what they’re talking about or they aren’t telling you the truth.“
President Obama is half right. We use up to 20% of the world’s oil consumption. What he is not correct is the 2% of the world’s reserves. The 2% represents what we are allowed (by our own government) to bring up.
What he failed to say –or was too ignorant to admit—is that the US has more than 2,085 billion barrels of shale oil in reserves, almost 74% of the world’s shale oil reserves.
With our daily consumption of 18.6 million barrels, these shale oil reserves alone will last over 300 years.
So, Mr. President, I think the government should do these:
- Drill. Drill. Drill
- The moment the US announces the permissions to drill more, OPEC will lower the price to $75 per barrel
- Exports some of these oils to pay down the national debts
- Encourages private sectors to continue research and development efforts in finding alternative energy with government grants –but not the Solyndra kind of grants