THE OIL PYRAMID

[Raya @ REAL CONSERVATIVES]

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USA: An Oil Rich Nation After All

 

The President has been traveling on Campaign Tourapalooza 2012 this month and seeking to explain rising oil and gas prices. One of his favorite tag lines has been to say that you “can’t just drill your way to lower gas prices.”But he’s also tossing out another figure when he makes these remarks. "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.”

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. The U.S. has 22.3 billion barrels of proved reserves, a little less than 2% of the entire world’s proved reserves, according to the Energy Information Administration. But as the EIA explains, proved reserves “are a small subset of recoverable resources,” because they only count oil that companies are currently drilling for in existing fields. When you look at the whole picture, it turns out that there are vast supplies of oil in the U.S., according to various government reports.

 

 

 

 HERE'S WHAT HAPPENS TO OUR NATION IF BO'MAMMA KEEPS CHASING WINDMILLS:

 

 

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HANDS OFF THE EAGLE!!

...LET HIM FLY!!!

[PHILIP SCHNEIDER]

I believe Mr. Hofmeister is correct.

A question I have since the oil shortage of the late 1970's is:

Since oil corporations are "Multi-National" corporations, to which nation do they owe their allegiance?

In a time of war which nation needing oil will get the oil?

It seems during the 1970s shortage, the oil was NOT going/coming to the US.

I have YET to hear a sensible explanation or reason for the huge increase of the cost of a gallon of gasoline. Even congress through it's many attempts to investigate the rising cost of gasoline have never been able to get at the root cause of the cost of gas.

And what ARE these "strategic reserves" of oil they talk about when the price of gas goes sky high?

Where ARE they?And why would the cost of gas go down if the "strategic reserves" were tapped to increase the availability of more oil? The "strategic reserves" have been tapped before, a couple times, when the cost of gasoline shot up. But we were never told when the "strategic reserves" were again isolated from general use.

Do they actually EXIST?

Or are they a figment of some bureaucrats numbering scheme just like Saddam Hussein's "Weapons of Mass Destruction" ?

I don't like paying $4.00 for a gallon of gas. I'm prepared to pay that much if somebody gives me a good explanation of why it costs that much.