Obama's 2% Lie

Posted by Gerri Willis at Fox Business Network
February 27, 2012

Gas prices shot up 18 cents on average nationwide over the past two weeks, according to the latest Lundberg survey.  That puts the average cost of regular gas at $3.69 a gallon. Of course, many of you around the country are already paying over $4.

President Obama, members of his administration, Democrats in Congress, and his allies on the left all make the same case: we can't "drill our way" out of this problem.  They say we use a quarter of the world's oil, but only have 2% of the world's oil reserves. So, do the math. They say it's impossible, but here's how he gets to that mythical 2%.

For simplicity, we'll call it Obama's big oil lie because that's what it is.

They're only counting proven oil reserves. The truth is that 2% oil reserves figure is whatever the government says it is.  Here’s the official definition from the non-partisan Congressional Research service.  Proven reserves are: "certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions."  The key word there is "existing" conditions.

The U.S. has around 20 billion barrels in proven reserves, but the amount of undiscovered so called "technically recoverable" oil is over seven times that.  Those are the government's own figures!  And we can get that oil using today's technology. In fact, the U.S. has nearly 1.5 trillion barrels of oil.  That's enough to fuel the present needs in the U.S. for around 250 years, according to the Institute for Energy Research.

Former President of Shell Oil on FBN earlier today on how we could easily get back to producing 10 million barrels a day:  "The best source for new oil is the world's largest consumer economy: this country. We could go back to 10 million barrels if we had the permitting that would enable it to happen. We have the oil. There is more oil in this country that we're not allowed to get at than oil we're allowed to get at.”

But much of the oil is off limits thanks to the policies of this President:

-The outer Continental shelf.
-The Arctic National Wildlife Reserve in Anwar.
-And Shale Oil where the United States has the largest deposits in the world estimated by the government to be over 2 trillion barrels.

Even when the production is not in this country, the President will do anything he can to stop it, like blocking the Keystone pipeline.  Also, what the President is refusing to acknowledge is the United States is in the middle of an oil boom thanks to new technology like deep-water drilling in the Gulf of Mexico.

So the President needs to stop with the 2% lie.

The solutions are right in front of us, but this administration flatly refuses to explore them.

Read more: http://www.foxbusiness.com/on-air/willis-report/blog/2012/02/27/obamas-2-lie#ixzz1owqU2G00