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