…and Clintonesque parsing.
The [P]resident wags his finger at us while informing us: “With only 2% of the world’s oil reserves, we can’t just drill our way to lower gas prices,” he said. “Not when we consume 20% of the world’s oil.”
The second half of this is inarguable, we do indeed consume approximately 20% of global oil production. Key word, “production.”
Where things get slippery is in the first half of the statement: “…2% of the world’s oil reserves…” This too would be technically true if he had said “proven oil reserves” as “proven reserves” are oil fields in production. Fields and deposits not in production are not proven, and no new fields have gone into production during the current administration.
So how much oil do we have?
By John Merline | Investors Business Daily
When he was running for the Oval Office four years ago amid $4-a-gallon gasoline prices, then-Sen. Barack Obama dismissed the idea of expanded oil production as a way to relieve the pain at the pump.
“Even if you opened up every square inch of our land and our coasts to drilling,” he said. “America still has only 3% of the world’s oil reserves.” Which meant, he said, that the U.S. couldn’t affect global oil prices.
It’s the same rhetoric President Obama is using now, as gas prices hit $4 again, except now he puts the figure at 2%.
U.S. Awash In Oil
But the figure Obama uses — proved oil reserves — vastly undercounts how much oil the U.S. actually contains. In fact, far from being oil-poor, the country is awash in vast quantities — enough to meet all the country’s oil needs for hundreds of years.
Oil which is not part of our proven reserves because the Government won’t let oil companies drill for it. Oil which we are not producing because the Government is standing in the way of domestic production in favor of “Green Energy” which has lined the pockets of Obama’s friends and donors without doing anything to reduce the energy expense to the American People.
Note also that oil production does more than lower the market price of oil, it also adds jobs. Jobs in the oil fields. Jobs building, operating, and maintaining pipelines and refineries. Jobs supporting those working the fields, pipelines, and refineries.
There’s an old saw about leadership: Lead, Follow, or Get Out of the Way. Obama and his flunkies are in the way.
Obama on Energy