The oil Democrats want let us recover

Kathleen Hartnett White:

...

Consider the volumes of U.S. oil resources. The most conservative measure is “proven reserves.” To be proven, it must be reasonably certain that the crude oil can be produced using current technology at current prices, current commercial terms, and with government consent. The U.S. Energy Information Agency (EIA) estimates the U.S. has 21.8 billion barrels of oil (bbo) in “proven reserves.”

At today’s consumption rates, proven reserves would last 50 years. Yet the amount of proven reserves might jump to more than 50 billion barrels if the government “consented” to development of areas now off-limits.

And “recoverable reserves” — known oil resources capable of recovery, but with more cost and technical difficulty than proven reserves — hold several thousand times more. These resources include: light oil in place (293 bbo); heavy oil (81 bbo); oil sands (80 bbo); and the mother lode, oil shale (2,118 bbo). Add the 21.8 bbo proven reserves and 30 bbo off-limits, and the total 2.6 trillion barrel endowment of American oil resources would support U.S. demand for thousands of years.

Unlike Britain, Canada, or Norway, federal decision has barred offshore oil exploration in half the Gulf of Mexico, and off the East and West coasts. The U.S. Department of Interior estimates that these offshore bans cover more than 16 billion barrels.

...


Try to wrap your mind around the money coming to the US if we were buying our oil that is trapped in the ground by Democrats at $100 to 150 a barrel. There would be enough money coming in on government contracts to pay off the national debt and fully fund Social Security several times over.

It is money that could be invested here to reduce taxes and encourage prosperity for the entire country, but Democrats would rather strangle production and have us buy from people who do not like us. It makes no sense unless you are a Democrat. Certainly voting for a Democrat makes no sense for anyone aware of these numbers.

Comments

  1. Artfldgr8:06 PM

    State Oil Policies
    http://www.kxmc.com/News/241046.asp

    North Dakota is the 8th largest oil producing state and with the increase in activity in the Bakken Formation oil and gas officials expect a jump to 6th place soon.

    "Oil activity will still be going on in the Bakken 100 years from now"

    "North Dakota has the third highest tax on new wells in the nation"


    He says the 11.5% tax rate is an issue

    ReplyDelete

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