While Obama continues his implacable war on fossil fuels and campaigns for impotent and unreliable energy sources, he incessantly condemns oil as ‘the energy of the past’. He is obviously referring to his self-fulfilling dream of eradicating oil from our economy; not the proven reality of our oil reserves. According to the latest research by the Congressional Research Service (CRS), America has more proven reserves and undiscovered resources of gas, oil, and coal than any other country in the world. Contrast that to the billions of dollars in special interest subsidies that have failed to ameliorate ineffectual ‘alternative fuels’ and it becomes quite obvious where the energy source of the future lies.
In an impassioned and timely floor speech this morning, Senator James Inhofe (R-OK.), an energy policy hero, elucidated the salient findings of the CRS report. The report, which was initiated by Inhofe for the Senate Committee on Environment and Public Works, includes estimates from the Energy Information Administration, U.S. Geological Survey, and the Bureau of Ocean Energy Management. Here are some of the key points from the report and from Inhofe’s research:
- While we only have 28 billion barrels of proven oil reserves, there are 135 billion additional barrels of undiscovered, yet recoverable, oil resources throughout our territory. In other words, as a result of the war against drilling, we can only “prove” the existence of 18% of the total 163 billion barrels. This is because we can’t officially prove the exact amount of fuel resources until we explore and drill them. If we were to tap into our resources, we could cancel our imports from the Persian Gulf for 50 years, still meeting our energy needs.
Parenthetically, the cessation of Libya’s mere 1.7 million barrels of production per day has caused chaos in the global market. Were we to pump our oil reserves at a similar rate, the oil would last for 263 years. This would presumably have a commensurately positive effect on oil prices.
- America’s combined recoverable natural gas, oil, and coal reserves are far larger than that of China, Saudi Arabia, and Canada combined.
- Future reserves of natural gas total 2,047 trillion cubic feet, sufficient to satiate U.S. energy demands for 90 years.
- The U.S. is the world’s leader in coal reserves, at 28% of the world’s known coal. The 262 billion short tons are enough to satisfy our annual needs for 218 years.
- The Department of Energy estimates that there are 1.38 trillion barrels of recoverable oil shale in the Rockies. That amounts to five times the oil reserves of Saudi Arabia.
Obviously, not all of the estimated resources necessarily exist or can be extracted in an economical way. Yet, how can we ever determine the truth if the Democrats continue to impound our natural resources? If they are so skeptical of our ability to develop our fossil fuel resources, why not afford us the opportunity to try? How can we utilize the innovations in drilling technology if we cannot apply them in the field? Either way, history has shown that the more we drill, the more oil there is to discover. And, the more we drill, the more efficient, economical, and environmentally friendly the technology becomes.
Barack Obama is eager to deride our ‘addiction to oil’ as some sort of pejorative. We wear that label as a badge of honor. If there is a prudent and meritorious addiction in the world, it is our patronage of fossil fuels. These energy sources were responsible for the most unprecedented proliferation of prosperity in world history. God-given fossil fuels have been instrumental in endowing us with the highest standard of living on the planet. The only odious addiction in the realm of energy reliance is Obama’s addiction to the regressive lifestyle of the Middle Ages.
Cross-posted to Red Meat Conservative
Dan Spencer
Jeff Emanuel
Neil Stevens
Caleb Howe
Daniel Horowitz
Lori Ziganto
Moe Lane
This is NOT new news
DerKrieger (Diary) Thursday, March 10th at 8:37PM EDT (link)While I’m ecstatic that this is finally getting some much needed attention this is not new news.
I’ve posted the following Human Events article from 2009 and the actual CRS report numerous times in the past:
http://www.humanevents.com/article.php?id=34233
http://epw.senate.gov/public/index.cfm?FuseAction=Files.View&FileStore_id=f7bd7b77-ba50-48c2-a635-220d7cf8c519
We have long been the most abundantly blessed nation but that fact has often been ignored by the MSM and their eco-Marxist masters.
“In questions of power, let no more be heard of confidence in man, but bind him down from mischief by the chains of the Constitution.” – Thomas Jefferson
“I cannot undertake to lay my finger on that article of the Constitution which granted a right to Congress of expending, on objects of benevolence, the money of their constituents.” – James Madison
Whenever the legislators endeavor to take away and destroy the property of the people, or to reduce them to slavery under arbitrary power, they put themselves into a state of war with the people, who are thereupon absolved from any further obedience.” — John Locke, 1690
Unfortunately
Daniel Horowitz (Diary) Thursday, March 10th at 8:42PM EDT (link)conservatives have known for too long how the left has been obstructing our development. They just keep revising their estimates upwards. Liberals are sadly aware of this as well. That’s why they don’t want to explore for it. Imagine a world where there is an abundance of energy. There wouldn’t be any justification for rationing, social economic engineering, or special energy interest handouts.
They are doing the same thing with water in the toilets and shower heads. They know that we have enough water, but they are hellbent on artificially contriving a shortage so that they can impose rationing.
Liberals=Chaos, Conservatives=Utopia
eddie74 Friday, March 11th at 8:28AM EDT (link)Back in College many years ago, We studied a few different Economic Systems. Two that impressed me were the “Chaos Theory” where everything is deliberetly made to fail, both material & human effort, so that the struggle to gain & get ahead is constant.People & Groups in constant contension, .IE a sort of pain & suffering type economic system..
The other system was the “Utopian System” where material things were made to last, Where everyone is taught to co-operate with each other to build up each other.. To be as personally self-reliant & self-sufficient as possible.. Pretty much the way the Amish & the Mennonite populations have chosen to live..
The Utopian System was rejected as an EconomicSystem mainly because the Heavy Hand of the Third Party Aggrivator (the government) could not get into the middle for a piece of the action.. When one Man helps another, – who needs the interferance of the Government Parasite sucking away 1/3 of the effort
..
That's the first time I've ever seen Conservatives equated with Utopia.
Flagstaff (Diary) Saturday, March 12th at 12:34AM EDT (link)Seriously.
Buffett Rule #1: “Tax rates don’t matter if you don’t pay your taxes”
– Unnamed tax adviser to Warren Buffett, Leavenworth, KS, 2011
Buffett Rule #2: “A parrot in every pot and two Volts in every garage”– Jimmy Buffett, at a seance in Margaritaville, 1977
wow!
pompey Saturday, March 12th at 1:36PM EDT (link)….you must have been dipping into a bad part of your stash when you posted this…..
agree completely
sowa1 Friday, March 11th at 2:23PM EDT (link)That is why we all have to vote Obama and the Democrats out in 2012. Any Dem there for more than two terms——————–GONE. SOWA1
The Congressional Research Service is so aptly abbreviated.
Flagstaff (Diary) Saturday, March 12th at 12:31AM EDT (link)Its masters have a terrible problem remembering anything they’d rather were not true or that they wish we would not know about.
Buffett Rule #1: “Tax rates don’t matter if you don’t pay your taxes”
– Unnamed tax adviser to Warren Buffett, Leavenworth, KS, 2011
Buffett Rule #2: “A parrot in every pot and two Volts in every garage”– Jimmy Buffett, at a seance in Margaritaville, 1977
dhorowitz3, how does the sale of shale land tracts
lineholder (Diary) Thursday, March 10th at 9:15PM EDT (link)like the ones listed below play into the situation?
The state power firm of Estonia, a Baltic nation that all but covers its energy needs using oil extracted from shale, said Thursday that it was taking over a major US shale-sector player. Eesti Energia is acquiring the Oil Shale Exploration Company (OSEC), which it said had one of the largest tracts of privately-owned oil shale reserves in the United States
http://news.yahoo.com/s/afp/20110310/ts_alt_afp/estoniausenergyelectricityinvesteestienergiaosec
BHP Billiton said Tuesday that it had agreed to buy a substantial shale field in the United States for US$4.75 billion, in the world’s largest miner’s first move into the U.S. shale gas business. Shale field located in Fayateville, Arkansas
http://www.chinapost.com.tw/business/company-focus/2011/02/23/292090/BHP-to.htm
By the grace of God...
dkinchi (Diary) Thursday, March 10th at 9:32PM EDT (link)This will become recognized as a reality in the USA shortly –> “a world where there is an abundance of energy”
People that live in the United States love to live life to its fullest…. We can only put up with the constant drumbeat of pessimism and doom and gloom of the left for so long, and we are finally waking up to that fact… Especially when we see the left trying to bury this country economically, right in front of all of our faces.
Drill, balance the budget, stay out of peoples lives and let them live the dream!!!
The libs can’t be put in the minority politically fast enough as far as I’m concerned. They talked down our economy during the Bush years when unemployment was at 5% !?! Like you said, they need the false sense of rationing so they can be our “saviors”… via our money no less!! No thanks….. I’ll live free and take care of myself, but thanks anyway libs/progressives/socialists/communists/marxists… If you lefties out there love those ideologies so much, do us all a favor and google which country you like best that already has those types of governments in place and MOVE there!! We’ll stick with Capitalism and a Representative Republic thank you very much!!!!!!
speaker Boehner email just out today
carolina Thursday, March 10th at 10:35PM EDT (link)was about an “all of the above” pro energy development legislative initiative by the House GOP.
Details are here: http://www.speaker.gov/
Let's see...
ag8tor Friday, March 11th at 8:12AM EDT (link)if they will actually bring anytihng to the floor. There has to be a way to over ride these rediculous policies. Do the Repubs have the stones to get this through without caving to the enviornmental lobby? I doubt it . This is the party of compromise and reaching across the aisle. I hope they prove me wrong but it’s a pretty safe bet they will cave if pushed back. It would be a GREAT day in DC if it actually happens!!!!
It's just unbelievable
conservative_dan Friday, March 11th at 5:25AM EDT (link)We have all of these resources and the top of the line technology to make use of them, and we don’t. We allow illogical people to stand in the way of common sense. There are no words to describe the mindless stupidity of all that.
Tree Huggers
dwain Friday, March 11th at 8:29AM EDT (link)I tell people if they support clubs such as Seirra Club,Audobon,etc. don’t complain to Me about the price of gasThis vocal minority shoves their agenda down the throats of the silent majority,and not only in energy ,but many other industries.They use half truths and out right lies to try to prove their point.
They are against nuclear,clean coal technolgy,natural gas,etc.Here in south TX they even brought a suit against a wind farm[which is to expensive any way] because it might kill birds.
they would have us go back to horses and then demand a cap on the methane they passed!
The silent majority better wake up!!
Republican Party.
grampster Friday, March 11th at 8:38AM EDT (link)There is much to say about why in many places they are called the Stupid Party. Energy should be the number one priority of the Republican Party. They should pound the Democrats about our energy lunacy every day in every way until the 2012 elections. Then they need to act when they regain power.
Every problem in our country, from unemployment, underemployment, manufacturing, economic collapse, tax policy inter alia are all underpinned by insane and fractured energy policy and Democrats and fearful RHINO Republicans.
No other issue has the power to change our future in a positive way.
@Republican party
dwain Friday, March 11th at 8:49AM EDT (link)Amen to that
Deals?
gumbeaux Friday, March 11th at 9:48AM EDT (link)All of these energy resouces will last as long as Mr Obama from Kenya does not make a backroom deal with China for these oil and coal resources. If the Republicans in Congress can find a SPINE, this will not happen, ever. They stand for their own political capital, not for us. They live from election to election and we get lip service in between. This has to stop and we need to get back on track and start cutting waste and failed programs. Not just in the Federal Government but at the State, County and City levels too.
sniff sniff
pompey Saturday, March 12th at 1:52PM EDT (link)….me thinks me smells a Marxist in the wood pile…….