Obama’s Curious Claims on Oil Production

posted at 3:35 pm on March 11, 2011 by Jazz Shaw

The President took to the bully pulpit for a presser covering a wide range of topics including the Japanese earthquake and the situation in Libya. He also took time out to make a rather curious claim about US oil supplies.

“We’re adapting. We’re producing more oil, and we’re importing less,” he remarked.

“Now, the hard truth is, is that as long as our economy depends on foreign oil, we’ll always be subject to price spikes,” he noted.

He indicated that “our oil production reached its highest level in seven years. Oil production from federal waters in the Gulf of Mexico reached an all-time high,” adding that “for the first time in more than a decade, imports accounted for less than half of what we consumed.”

That’s an interesting claim, particularly given Hot Air’s coverage of the subject just prior to the press event. But record setting production would certainly be good news, wouldn’t it? Sadly, it seems that the President was basing his claims on some recent comments by Ken Salazar. While they sound great on paper, Ken was talking about the total number of oil rigs in the gulf, not the total amount of oil being produced. Jack Gerard of the American Petroleum Institute attempts to straighten out the math for the Oil Analyst in Chief.

Salazar’s numbers distort the true number of working rigs in the Gulf of Mexico. According to Baker Hughes:

  • Four days before the Deepwater Horizon accident there were 55 rotary rigs actually drilling offshore in the Gulf of Mexico.
  • On May 28, 2010, when the administration announced the six-month moratorium on deepwater drilling, there were 46 rotary rigs operating in the Gulf.
  • Last week, 25 rotary rigs were operating in the Gulf of Mexico.

So the fact that there is an “all-time high” number of rigs in the Gulf ignores the fact that most of those rigs are not working. Claiming an increase in idle rigs in the Gulf as a success story is like claiming the job market is great because a lot of people are unemployed and available to work.

With all due respect to API, a better analagy would be to have a poultry farmer claiming that egg production was at an all time high based on the number of chickens he has, regardless of the fact that more than half the hens have stopped laying. But in fairness to America’s poultry farmers, your average chicken doesn’t have to wait for a permit from the federal government before dropping more eggs in the nest.

The president needs to go back and do a bit more work on his math. Or possibly pardon a few chickens. Perhaps the new media meme for 2011 could be the one put forward by a good friend of Hot Air on Twitter. So… “Obama lied, Gulf oil workers cried”?

Update (Ed): Over at American Solutions, Steve Everley debunks a few more claims from Obama:

  • “We can’t escape the fact that we control only 2% of the world’s oil.” This is a common refrain among anti-drilling Democrats and environmentalists, and it’s repeated enough that many people accept it as true. In reality, it’s 100% false. The number comes from a highly conservative estimate from the Energy Information Administration totaling America’s proven reserves where we are already drilling. It does not include the 10 billion barrels available in the Arctic National Wildlife Refuge. It does not include most of the 86 billion barrels available offshore in the Outer Continental Shelf, most of which President Obama has placed under an executive drilling ban. And it does not include the 800 billion barrels of oil we have locked in shale in Wyoming, Utah, and Colorado. Those shale resources alone are actually three times larger than the proven reserves of Saudi Arabia, so the claim that the U.S. only has 2% of the world’s oil is clearly false.
  • “Industry holds leases on tens of millions of acres both offshore and on land where they aren’t producing a thing.” President Obama adds to this whopper by saying he wants to “encourage companies to produce [on] the leases they hold.” While this sounds like a common sense fix, it’s actually just blind rhetoric reserved only for people with a shocking ignorance of drilling. You can read more about this here and here, but it basically boils down to this: A lease is for exploration and production, not just production, and because oil is not equally distributed across the globe, one parcel of leased acreage may not hold any oil. Moreover, due to the circuitous and needlessly complicated permitting process, it can take years for companies who own a lease to complete their exploration activities. To get to the production phase, it could take as long as ten years. Ironically, President Obama wants to tax companies for not producing on their leases, even if the federal government’s refusal to grant permits is the reason why those companies are not drilling.
  • “Last year…our oil production reached its highest level in 7 years.” This is pure spin. President Obama is deliberately trying to take credit for actions unrelated to his policies. The increased level of production is due to the actions of previous administrations and production in the Dakotas where most drilling is occurring on private land. By contrast, the Energy Information Administration projects that there will be a decline in production of 220,000 barrels of domestic oil per day in 2011, and in 2012 America will produce 150 million fewer barrels in the Gulf of Mexico, all because of President Obama’s policies to discourage or ban domestic drilling. In addition, President Obama’s drilling moratorium (and subsequent refusal to issue drilling permits) has forced at least 7 rigs to leave the Gulf and sign contracts in other countries, taking much needed jobs and revenue with them.

Remember when Presidents held press conferences to clarify issues?

This post was promoted from GreenRoom to HotAir.com.
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Comment pages: 1 2

But record setting production would certainly be good news, wouldn’t it? Sadly, it seems that the President was basing his claims on some recent comments by Ken Salazar.

Which was a well planned plan by the White House. Salazar can plant that little lie, so Obama can use it as a source. Then people can call Salazar a Liar, and Obama can claim it wasn’t his lie.

These guys are pros.

portlandon on March 11, 2011 at 3:37 PM

I believe disingenuous is the word you’re looking for. As in:

Obama’s Curious Disingenuous Claims on Oil Production

INC on March 11, 2011 at 3:39 PM

So why is everyone tiptoeing around the obvious truth that the President is a shameless LIAR? If it quacks like a duck…

darclon on March 11, 2011 at 3:40 PM

“Curious”?

He is the Liar of all the Liars, ever.

This guy makes Pinnochio look like an ant.

Schadenfreude on March 11, 2011 at 3:41 PM

So let me see if I understand this correctly now; NOW drilling for our own oil is GOOD???!!!
It really is hard to keep these memes straight sometimes!!!0

KMC1 on March 11, 2011 at 3:42 PM

Lier in Chief.

AZCON on March 11, 2011 at 3:42 PM

Chickens do not equal eggs.

Especially not when they are cold.

Schadenfreude on March 11, 2011 at 3:44 PM

And it does not include the 800 billion barrels of oil we have locked in shale in Wyoming, Utah, and Colorado.

Steve Forgot Alaska.

Those shale resources alone are actually three times larger than the proven reserves of Saudi Arabia, so the claim that the U.S. only has 2% of the world’s oil is clearly false.

I have to disagree with Steve. We know of the potential, we have no clue if it is proven yet. And potential findings are usually ultra conservative.

upinak on March 11, 2011 at 3:44 PM

Good opportunity for Palin to come out and dispute Lier’s statements, and re-state her policy on drilling and energy in general; “all of the above”.

AZCON on March 11, 2011 at 3:44 PM

To quote a Congressional Sage of our times — “You Lie!”

Dr. Dog on March 11, 2011 at 3:46 PM

Oh good grief, Jazz and Ed! Can’t you just let him say what he wants without criticism? You wouldn’t be able to do this if this were China!

Weight of Glory on March 11, 2011 at 3:47 PM

The World According to Obama . . . or how I learned to live a lie and really like it.

rplat on March 11, 2011 at 3:48 PM

I used to joke around with my libtard friends that Obama would come out and claim credit that we are using less oil than in the past in a time with record unemployment and bankruptcies.

Thanks to the democrat “War on Prosperity” he came through today on what was an inevitable spin.

Just think how great the Obama Energy Policy would be if we all couldn’t afford gas, or power for our homes.

Good Times are a comin’!!

.

cntrlfrk on March 11, 2011 at 3:48 PM

Liar, liar pants on fire!

Here’s hoping a good old smack down from Sarah is coming real soon. 8^0

tencole on March 11, 2011 at 3:48 PM

Democrats want the U.S. to be continually dependent on foreign oil, it’s a huge transfer of wealth to their precious Islamists.

mudskipper on March 11, 2011 at 3:49 PM

This post alone should be read aloud on the floor of the House and Senate and placed in the official record…

…7%!!!

Seven Percent Solution on March 11, 2011 at 3:49 PM

Even if there are 25 working rigs in the Gulf of Mexico, that does not mean that all of them are drilling for oil or natural gas. They could all be workover rigs used to rework existing wells.

Kermit on March 11, 2011 at 3:53 PM

Cuz’ I’m the facts man,

ye–ah…..

I’m the facts ma-an.

This guy really must use an undergraduate journalism class at a liberal arts college to write his speeches.

Totally bereft of facts. Except the ones he made up.

BobMbx on March 11, 2011 at 3:54 PM

I’m telling ya, I don’t care who it is, Palin or any Republican candidate can win hands down if they jump on the drill here drill now bandwagon and scream it constantly.

New drilling, new refineries, and nuclear would create scads of jobs and scads of fuel, and while they’re preaching it, it’s imperative to put to rest the freaking solar, wind and ethanol bullsh*t once and for all.

Unless we all want to go back to horses and buggies and “high” (ha ha )speed rail, we better start drilling!!!

Tim Zank on March 11, 2011 at 3:54 PM

Ironically, President Obama wants to tax companies for not producing on their leases, even if the federal government’s refusal to grant permits is the reason why those companies are not drilling.

Explain to me again how Obama plans to bring the unemployment numbers down, both presently and after all the oil companies decide to go drill where they are actually wanted?

Koa on March 11, 2011 at 3:55 PM

The president needs to go back and do a bit more work on his math.

The President simply needs to stop his constant lying..

PatriotRider on March 11, 2011 at 3:55 PM

I sense a humdinger of a FB post within the next eight hours.

NoNails on March 11, 2011 at 3:56 PM

It’s okay – I think everyone who watched the presser knew that Obama was pulling a “Bagdad Bob” with most of his claims.

The clear message to anyone who was watching … was that this President has NO PLAN to improve gas prices other than open up the federal reserves – which isn’t going to do much.

His only other plan was the old-saw “Jimmy Carter Plan” – basically tell Americans that we are oil pigs and need to stop consuming. That tactic by Jimmy Carter gave us Ronald Reagan and Obama using it now will produce another Ronald Reagan in 2012.

So, on the whole, I was happy with this presser. I’ll gladly pay $6 a gallon for gas for the SHEER PAIN I know it will cause the Dimmocrits in 2012.

HondaV65 on March 11, 2011 at 3:56 PM

“Punch drunk” was offered up about two years ago. Still applies.

betsyz on March 11, 2011 at 3:57 PM

“We can’t escape the fact that we control only 2% of the world’s oil.”….
And it does not include the 800 billion barrels of oil we have locked in shale in Wyoming, Utah, and Colorado.

Even if you had full production out of all those sources, you miss the point. The world needs another 2 or 3 Saudi Arabias to meet the demand growing out of India, China, and other developing nations. So the claim that the US could lower oil prices is simply wrong.

That’s not even an argument for switching to clean energy, as the best alternative to oil is another fossil fuel- natural gas- which faces few of oil’s the long term supply / demand issues in the world and is available in far more abundant supplies that are easily accessible within the continental US.

If you want to fix the energy supply problem, transitioning to natural gas in the solution. Trying to increase oil production in the US won’t have a material impact on global supply or pricing problems that are driven by the ascent to middle class incomes by billions of people in the third world.

bayam on March 11, 2011 at 3:57 PM

Claiming an increase in idle rigs in the Gulf as a success story is like claiming the job market is great because a lot of people are unemployed and available to work.

Exactly what Peelosi said, “unemployment checks are good for the economy”

I agree with the above posters that until we quit giving the A$$irmative A$tion Pinnochio President the benefit of the doubt and start calling him a dangerous, lying, destroyer of all things American we will continue to lose the battle.
This Saul Alinsky disciple is the perfect Liberal storm, insulated from criticism by skin pigment and the politically correctness that the cowardly opposition has bought into.
He will continue to shamelessly lie to the uninformed masses so as to advance his agenda for a s long as it works for him.

Thanks John McCain! I see nothing but an Anti-American, dictator wannbe!
He is not a good family loving American he destroys at every turn all that we hold dear!

When any crisis or event unfolds ask yourself what would be the worst policy for America and that will be Obamas’.
Its high time someone other than Sarah Palin began to call him on it including the posters at Hotair!

dhunter on March 11, 2011 at 3:58 PM

You know what?
I’m beginning to suspect that TOTUS (being on strike today)
has been the smartest most honest one at the podium these last umpteen months.

OkieDoc on March 11, 2011 at 3:58 PM

… I guess we need to give him a break, he was probably pulling an all nighter with Holder determining if the Wisconsin vote was constitutional and didnt have time to bone up on the energy facts.

Koa on March 11, 2011 at 3:58 PM

Good opportunity for Palin to come out and dispute Lier’s statements, and re-state her policy on drilling and energy in general; “all of the above”.

AZCON on March 11, 2011 at 3:44 PM

Man, what I’d pay to see her refute his BS in a debate. Honestly, it doesn’t matter who the GOP nominee is. How hard is it to memorize these facts and just throw them in his face when he inevitably lies his ass off when answering the moderator’s question?

Doughboy on March 11, 2011 at 3:59 PM

“Industry holds leases on tens of millions of acres both offshore and on land where they aren’t producing a thing.” President Obama adds to this whopper by saying he wants to “encourage companies to produce [on] the leases they hold.” While this sounds like a common sense fix, it’s actually just blind rhetoric reserved only for people with a shocking ignorance of drilling.

In addition to what you said, it also sounds like an idea Obama might have gotten from reading “Going Rogue”. One of Sarah Palin’s chief accomplishments as AK governor was to change the system of incentives for oil companies so that they would be cajoled into developing all their oil fields instead of holding them idle. It was rather astonishing to see President Obama propose to imitate Governor Palin.

Question: Is Barry so insecure that he’s reading Palin’s books? Or was it one of his speechwriters who did so? And did Barry know who’s idea he was promoting in the speech?

joe_doufu on March 11, 2011 at 4:00 PM

Bullshit Artist in Chief.

novaculus on March 11, 2011 at 4:02 PM

He is a liar, a fraud and a complete and utter embarrassment. What a shameful, worthless waste of skin and oxygen. Putz.

/grrrrr

Key West Reader on March 11, 2011 at 4:02 PM

I expect by tonight we will have a detailed rebuttle from Gov Palin.

Vince on March 11, 2011 at 4:02 PM

He is correct on more production than any time since 2004. However, that is because it takes a few years for a newly discovered field from offshore to even reach the marketplace with its first barrel of oil.

Kermit on March 11, 2011 at 4:02 PM

The president needs to go back and do a bit more work on his math.

Better.

red winger on March 11, 2011 at 4:04 PM

Thanks to the democrat “War on Prosperity” he came through today on what was an inevitable spin

Yes, it’s all Obama’s fault, not the near economic collapse and near depression inherited from Bush. Very learned observation.

bayam on March 11, 2011 at 4:04 PM

Yup. I’m still steamed with McCain and his “epic” prognosticating, on his whipped-puppy back, eh,hem, Mr. Barack Obama is nothing to be afraid of. Putz. Putz. Putz.

betsyz on March 11, 2011 at 4:04 PM

Destry Rides Obama Lies Again.

A one-man economic disaster.

profitsbeard on March 11, 2011 at 4:05 PM

Thanks so much for the explanation. I KNEW that Teh Won was spouting bulls@*t when he said this earlier. I am glad to get the real facts!

ConservativeMom on March 11, 2011 at 4:06 PM

Yes, it’s all Obama’s fault, not the near economic collapse and near depression inherited from Bush. Very learned observation.

bayam on March 11, 2011 at 4:04 PM

Your boy is a girlie man and he sucks as a pres***ent. And you suck for voting for this evil klown. You should be ashamed.

Key West Reader on March 11, 2011 at 4:07 PM

Barack Obamicus

Patrick S on March 11, 2011 at 4:09 PM

Oh, but he’s so brilliant. Brilliant liar that is.

moonsbreath on March 11, 2011 at 4:09 PM

Even if you had full production out of all those sources, you miss the point. The world needs another 2 or 3 Saudi Arabias to meet the demand growing out of India, China, and other developing nations. So the claim that the US could lower oil prices is simply wrong.

bayam on March 11, 2011 at 3:57 PM

Do you think the price of oil would be where it is today if we did have full production from all of those sources?

We need to work on developing many different sources of energy that are feasable but it is really stupid to ignore the oil reserves we have.

Vince on March 11, 2011 at 4:09 PM

Mr. Present, YOU LIE !!!!!

pambi on March 11, 2011 at 4:09 PM

Not only does he lie with such a straight face, but he actually thinks that people are so dumb they will ignore what is reported the day before and believe what he says.

mizflame98 on March 11, 2011 at 4:11 PM

President Pinocchio is a lying POS and the press that allows him to get away with it is just as bad if not worse. This whole “gangster administration” as MB rightly calls it ,,needs to be taken down..

retiredeagle on March 11, 2011 at 4:11 PM

Yes, it’s all Obama’s fault, not the near economic collapse and near depression inherited from Bush. Very learned observation.

bayam on March 11, 2011 at 4:04 PM

Who the heck has controlled congress for the past 4+ years?

Vince on March 11, 2011 at 4:11 PM

Yes, it’s all Obama’s fault, not the near economic collapse and near depression inherited from Bush. Very learned observation.

bayam on March 11, 2011 at 4:04 PM

No. it is not Obama’s fault. But who is the guy who just spent more in one month than Bush did in the entire year of 2007? Who is it, Hussain, or something.

betsyz on March 11, 2011 at 4:13 PM

Not only does he lie with such a straight face, but he actually thinks that people are so dumb they will ignore what is reported the day before and believe what he says.

mizflame98 on March 11, 2011 at 4:11 PM

well for those who work in the industry (even as a freaking cook for the rig crews) know he has no clue WTF production is. Obama (and admin staff) thinks production is a freaking rig.

upinak on March 11, 2011 at 4:13 PM

It was rather astonishing to see President Obama propose to imitate Governor Palin.

Question: Is Barry so insecure that he’s reading Palin’s books? Or was it one of his speechwriters who did so? And did Barry know who’s idea he was promoting in the speech?

joe_doufu on March 11, 2011 at 4:00 PM

Why don’t we just bypass the Indonesian Impostor and just have the Arctic Fox fill in for him until her own inauguration day. She seems to be giving him pretty good advice via facebook and twitter – certainly as good as any of his paid advisers. Hell, even Bill Clinton is on board with the no-fly zone she proposed weeks ago.

turfmann on March 11, 2011 at 4:13 PM

Once these leftwing morons run up enough debt that we cant buy our way out energy production will ramp up full speed ahead as the Chinese will demand we pay off in oil or blood and maybe OBlah Blah will be the Chinese American dichead!

dhunter on March 11, 2011 at 4:14 PM

Even if you had full production out of all those sources, you miss the point. The world needs another 2 or 3 Saudi Arabias to meet the demand growing out of India, China, and other developing nations. So the claim that the US could lower oil prices is simply wrong.

bayam on March 11, 2011 at 3:57 PM

Do you think the price of oil would be where it is today if we did have full production from all of those sources?

We need to work on developing many different sources of energy that are feasable but it is really stupid to ignore the oil reserves we have.

Vince on March 11, 2011 at 4:09 PM

Yes, absolutely- it would have no material impact on the global supply / demand equation. The line that the US could somehow affect global pricing by increasing production is complete nonsense that no serious oil man like T Boone Pickens would lend even a shred of credibility to.

Because of the huge natural gas discoveries in Louisiana and parts of the Midwest over the last decade, natural gas prices will crowd out everything else, from coal to clean energy sources such as solar.

bayam on March 11, 2011 at 4:14 PM

He indicated that “our oil production reached its highest level in seven years.

I wonder if he means “our” as in the world’s. He is, afterall, a citizen of the world.

I can’t remember any other person I’ve hated more. He makes me physically ill.

SouthernGent on March 11, 2011 at 4:15 PM

LOL, so he’s counting ghost rigs in the Gulf. He can lie about the jobs numbers and he can lie about oil production, but people will feel those lies in their wallet.

Daemonocracy on March 11, 2011 at 4:15 PM

bayam on March 11, 2011 at 3:57 PM

So, this over at the HA Obama post on the presser announcement last night:

Four words!
Drill Here! Drill Now!

Gas prices in oil producing countries:

As of July 2010… I couldn’t find any more current data…
http://www.dailyfinance.com/story/gas-prices-around-the-world/19543148/

28. Dubai City, United Arab Emirates $1.57

29. Cairo, Egypt | $1.17

30. Kuwait, City, Kuwait | 85 cents

31. Riyadh, Saudi Arabia | 45 cents

32. Tehran, Iran | 32 cents

33. Caracas, Venezuela | 6 cents

JellyToast on March 10, 2011 at 9:34 PM

Well, we arn’t asking for subsidies like Venz and the others, but what we don’t need is clear:
(From API.org)

CEO and President Jack Gerard issued a statement condemning the Administration’s FY 2012 Budget proposal which includes almost $90 billion in tax increases on the U.S. oil and natural gas industry. Studies have shown that these tax increases would discourage oil and natural gas production, lead to fewer well-paying American jobs, increase our reliance on foreign imports and potentially contribute to higher energy costs to consumers. The oil and natural gas industry is one of the largest employers in the country, supporting more than 9.2 million jobs, contributing 7.5% to GDP, and already contributing almost $100 million a day to the federal treasury. Clearly, these proposals undermine efforts to turn our economy around, create jobs and ensure this nation’s energy security.

And we might add with due emphasis the “National Security”
tag to that.

OkieDoc on March 11, 2011 at 4:16 PM

Sarah’s to be on FBN tonight.
She’ll be on Freedom Watch with the Judge at 8pm edt.

I’m sure she’ll have something to say “on the happenings of the day”. ;)

tencole on March 11, 2011 at 4:17 PM

Because of the huge natural gas discoveries in Louisiana and parts of the Midwest over the last decade, natural gas prices will crowd out everything else, from coal to clean energy sources such as solar.

bayam on March 11, 2011 at 4:14 PM

Of course. Nothing’s cleaner than energy sources no one uses.

Chuck Schick on March 11, 2011 at 4:22 PM

President Hu, er Barak Hussein, can’t ever get his figures right. And to quote Boone Pickens and attribute our oil reserves to be 2% is a fraud. Boone is as big a numbers fudger as Hu, er Barak Hussein. Both are great self-promoters and BS artists’.

By the way, the estimates relating to the Green River Oil Shale potential reserves are the low end…actual U.S, Geological Services estimates range from 800 billion-4 trillion!

tomshup on March 11, 2011 at 4:25 PM

Yes, absolutely- it would have no material impact on the global supply / demand equation
bayam on March 11, 2011 at 4:14 PM

No, I asked if the price of oil would be where it’s at today. Wouldn’t change demand obviousley but would change supply and price for the better. Common sense.

Vince on March 11, 2011 at 4:26 PM

Gas prices in oil producing countries:

As of July 2010… I couldn’t find any more current data…
http://www.dailyfinance.com/story/gas-prices-around-the-world/19543148/

28. Dubai City, United Arab Emirates $1.57

29. Cairo, Egypt | $1.17

30. Kuwait, City, Kuwait | 85 cents

31. Riyadh, Saudi Arabia | 45 cents

32. Tehran, Iran | 32 cents

33. Caracas, Venezuela | 6 cents

JellyToast on March 10, 2011 at 9:34 PM

Problem is, unless you believe in socialist price fixing or nationalization, the US cannot benefit from those levels of prices. Oil drilled in the US immediately becomes part of the global oil supply, subject to global prices.

The US should not join the likes of Iran and Venezuela in interfering with free markets.

bayam on March 11, 2011 at 4:28 PM

http://www.eia.gov/dnav/pet/PET_SUM_SNDW_DCUS_NUS_4.htm

Obama is correct, but it is not because of his administration’s doing.

Kermit on March 11, 2011 at 4:28 PM

The US should not join the likes of Iran and Venezuela in interfering with free markets.

bayam on March 11, 2011 at 4:28 PM

Too funny.

Chuck Schick on March 11, 2011 at 4:31 PM

http://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=WCRFPUS2&f=4

Looks like a constant drop in production since 1983 with some minor upturns such as in the last year, upturns so small as to have no effect.
We need more production and more refineries, yesterday!

dhunter on March 11, 2011 at 4:33 PM

no leadership. none. we are screwed.

maineconservative on March 11, 2011 at 4:35 PM

bayam on March 11, 2011 at 4:28 PM

If Obama would announce today, that we were going to go after our oil reserves, that we were going to drill here and drill now, the price of oil would fall big time and the stock market would be screaming on the upside.

Vince on March 11, 2011 at 4:36 PM

WINNING the future! Duh!

Sekhmet on March 11, 2011 at 4:36 PM

Yes, absolutely- it would have no material impact on the global supply / demand equation
bayam on March 11, 2011 at 4:14 PM

No, I asked if the price of oil would be where it’s at today. Wouldn’t change demand obviousley but would change supply and price for the better. Common sense.

No it would not affect US oil prices, and you won’t find one credible source on Wall Street that says otherwise.

bayam on March 11, 2011 at 4:45 PM

We need more production and more refineries, yesterday!

dhunter on March 11, 2011 at 4:33 PM

There is a grassroots 400,000 bpd refinery on hold for SD which would refine crude from Canada & Bakken. We actually do have increasing production from Bakken, but not enough pipeline capacity to carry it to existing refineries, most of which are on the Gulf Coast. Same goes for Canadian crude (or syncrude).

Most of the the inland refineries were torn down from 1984 thru 2000 as they were mostly shutdown around 1982.

Kermit on March 11, 2011 at 4:48 PM

No it would not affect US oil prices, and you won’t find one credible source on Wall Street that says otherwise.

bayam on March 11, 2011 at 4:45 PM

Price of crude and price delivered to refinery are two vastly different prices. Actually, domestic crudes are fetching less than WTI prices due problems with pipeline capacity to the Gulf Coast where most of the refineries are.

Stick that in your ignorant Wall Street wannabe pipe.

Kermit on March 11, 2011 at 4:51 PM

. Very learned observation.

bayam on March 11, 2011 at 4:04 PM

Funny you don’t mention the Democrat controlled congress for the last two years of Bush’s term.

Common leftard observation.

BigWyo on March 11, 2011 at 4:53 PM

No it would not affect US oil prices, and you won’t find one credible source on Wall Street that says otherwise.

bayam on March 11, 2011 at 4:45 PM

So, back in the mid 80′s when the Saudis ramped up production and oil prices went through the cellar what were the credible sources on Wall Street doing??? I know what most of the companies that were drilling all over Wyoming, Montana, and the Dakotas did. They went belly up.

BigWyo on March 11, 2011 at 5:02 PM

Funny you don’t mention the Democrat controlled congress for the last two years of Bush’s term.

Common leftard observation.

BigWyo on March 11, 2011 at 4:53 PM

When the White House, Congress, and Senate were all run by Republicans, federal spending increased by over 40% during a 6 year period. A historic achievement. And by the time Bush left office, the true size of the deficit could no longer be masked by housing bubble economic activity.

To blame the deficit on one party is a waste of time, esp if you’re a Republican.

bayam on March 11, 2011 at 5:05 PM

We can’t escape the fact that we control only 2% of the world’s oil.

And let’s not forget the rest of the sentence, which he and every enviro wacko always throws in: “Yet we consume one-quarter of the world’s oil.”

We pay for it. We build things with it. We send airplanes around the globe with it. We don’t steal it, Liar in Chief!

PattyJ on March 11, 2011 at 5:06 PM

Can we impeach this ignorant clown because of pure stupidity? He is willingly destroying the country that he really hates.

ultracon on March 11, 2011 at 5:08 PM

So, back in the mid 80′s when the Saudis ramped up production and oil prices went through the cellar what were the credible sources on Wall Street doing??? I know what most of the companies that were drilling all over Wyoming, Montana, and the Dakotas did. They went belly up.

BigWyo on March 11, 2011 at 5:02 PM

You don’t have to worry about that happening again. That’s why venture capital dollars are flowing into domestic energy production.

bayam on March 11, 2011 at 5:09 PM

That’s it. I’m voting for Sarah.

publiuspen on March 11, 2011 at 5:09 PM

We can’t escape the fact that we control only 2% of the world’s oil.

You also can’t escape the fact that the US is the third largest producer of oil. Only Saudi and Russia produce more.

Vashta.Nerada on March 11, 2011 at 5:11 PM

If there is one thing Barry is good at, it’s lying.

GarandFan on March 11, 2011 at 5:13 PM

But in fairness to America’s poultry farmers, your average chicken doesn’t have to wait for a permit from the federal government before dropping more eggs in the nest

Great. Now BarryO has a new idea for increased regulation and taxation.

Robert17 on March 11, 2011 at 5:13 PM

To blame the deficit on one party is a waste of time, esp if you’re a Republican.

bayam on March 11, 2011 at 5:05 PM

Are you for fu#9ing real???

Yes, it’s all Obama’s fault, not the near economic collapse and near depression inherited from Bush. Very learned observation.

bayam on March 11, 2011 at 4:04 PM

BigWyo on March 11, 2011 at 5:16 PM

The line that the US could somehow affect global pricing by increasing production is complete nonsense that no serious oil man like T Boone Pickens would lend even a shred of credibility to.

bayam on March 11, 2011 at 4:14 PM

That isn’t a very smart assumption. Oil is priced at the margin, and supply from source to refiner to distributor to consumer is on a razor’s edge with little room for error, which is why the price spikes occur. If the US pushed up production by 50,000 bbl per day, and could refine it, it most certainly would affect global pricing.

Vashta.Nerada on March 11, 2011 at 5:16 PM

Okay. Nobody else mentioned it so it’s my turn.

The most interesting part of teh Won’s presser was the dog that didn’t bark.

The subject avoided was major news of the last three weeks. The efforts of all sorts of unions and OFA. The expenditure of millions of union dues. And El Rushbo hit it first thing.

Wisconsin, anyone?

Caststeel on March 11, 2011 at 5:17 PM

bayam on March 11, 2011 at 3:57 PM

I seem to recall that back in 2008, it only took the President to revoke the Executive order drilling ban to break the the bubble and send oil prices tumbling down from $142 a barrel. And that was merely a threat – there was (and still is) a Congressional ban as well.

If we open up drilling, there will be a significant effect on the price of oil, no matter what OPEC tries to do to manipulate it. How long will it last? no one knows, the demand increase will have long term effects.

JeffWeimer on March 11, 2011 at 5:17 PM

Obama’s Chicken Farm Economics

You have 100 chickens. You average 50 eggs a day from these chickens.*

However, you need 80 eggs a day to feed your family and to take to market.

You could buy chicks and raise up some more hens, but that takes time and you need eggs NOW so, instead, you buy 30 eggs a day from Farmer Ahmed down the road. Now you have plenty.

Then, you realize that your chickens are scratching up the grass and pooping all over, so you kill 50 of them and put them in the freezer to save the yard.

However, you still need 80 eggs per day but you only get 25 from the chickens you still have in production.** You decide to buy 55 eggs from Farmer Ahmed down the road. Let his yard get scratched up, he doesn’t care. He lives in a desert, for Pete’s sake.

This can go on as long as you have the money to buy up extra eggs. Or, lacking the cash, for as long as Banker Chen will loan it to you.

But, hey, it’s all good because you still have 100 chickens, right?

*chickens do not lay an egg a day
** frozen chickens lay no eggs a day

Lily on March 11, 2011 at 5:19 PM

I heard bits of this ObaMao nonsense while I was running errands, and I almost ran off the road because of the outright lies, spin, and obfuscation that snake oil salesman was peddling. He even had the nerve to snark that some will contradict him with “soundbites.”

I hope that Sarah Palin sets his azz straight and tells him that his “messaging” is fact free.

onlineanalyst on March 11, 2011 at 5:20 PM

Sarah tweeted: Mr.Pres: “increase oil” means unlock land; end de facto moratorium; hire agency heads who ALLOW production (not just verbally “encourage”it)

publiuspen on March 11, 2011 at 5:21 PM

I bet the Judge is gonna have one hell of a show tonight.

NoNails on March 11, 2011 at 5:21 PM

JeffWeimer on March 11, 2011 at 5:17 PM

This!!!

no serious oil man like T Boone Pickens would lend even a shred of credibility to.

bayam on March 11, 2011 at 4:14 PM

So what’s old T Boone up to since his big water theft/wind turbine scam took a giant $hit all over itself???

BigWyo on March 11, 2011 at 5:22 PM

T Boone Pickens

? Ha ha, that asshat? He lost all credibility when he tried to convince us that wind was the answer when he had secretly invested so much into that failed venture. And thus, to you Bayam, I say…FAIL.

Big John on March 11, 2011 at 5:26 PM

Sarah’s to be on FBN tonight.
She’ll be on Freedom Watch with the Judge at 8pm edt.

I’m sure she’ll have something to say “on the happenings of the day”. ;)

tencole on March 11, 2011 at 4:17 PM

Yes! Thank you for posting this – I didn’t want a facebook response – this is too serious – and I am glad she is
not going on BOR. The Judge gets a little hyper, however,
will let her talk. How does Palin get around calling
“The One” an outright liar? This should be interesting.

Amjean on March 11, 2011 at 5:27 PM

Sorry BigWyo, I should read, then post I guess. But great minds think alike, eh?

Big John on March 11, 2011 at 5:28 PM

The president needs to go back and do a bit more work on his math.

He’s not a real deep thinker and we’ve never seen any of his much touted “superior intellect.” His forte is apparently college sessions and cocktail party chatter. Massive styrofoam Greek columns contribute gravitas, also.

obladioblada on March 11, 2011 at 5:35 PM

There he goes again. Does he even have a clue that we ain’t buyin’ what he’s sellin’? Does he really buy all this info and spouts it like it’s gospel? What a dupe.

Kissmygrits on March 11, 2011 at 5:37 PM

Because of the huge natural gas discoveries in Louisiana and parts of the Midwest over the last decade, natural gas prices will crowd out everything else, from coal to clean energy sources such as solar.

bayam on March 11, 2011 at 4:14 PM

And do you know how much red tape the EPA and how much howling the Greenies put up when companies attempt to access this natural gas? The federal government and its playmates are criminal in their refusal to develop our resources. American companies have the most responsible ecological standards and safety records in the world.

onlineanalyst on March 11, 2011 at 5:38 PM

bayam on March 11, 2011 at 4:28 PM

Do you know that when the president announces that areas will be opened for oil development and production, world prices drop? It happened on W Bush’s watch.

onlineanalyst on March 11, 2011 at 5:41 PM

Sorry BigWyo, I should read, then post I guess. But great minds think alike, eh?

Big John on March 11, 2011 at 5:28 PM

HEH!! No, it just cracks me up when leftards bring up T Boone Pickens. Serious Oil Man!!
. But the leftspaz dogma has always been Big Oil = Bad!!

T Boone Pickens…World class con man!!!

I think Bush and Cheney were ‘Serious’ oil men at one time.

Halliburton anyone???

BigWyo on March 11, 2011 at 5:48 PM

Halliburton anyone???

BigWyo on March 11, 2011 at 5:48 PM

which part of Halli do you want? Sperry Sun?

upinak on March 11, 2011 at 5:49 PM

Remember when producers were looking at $16 a barrel with great anticipation?
Not too long ago, I seem to remember.
Like ’86, ’88, and ’98.

OkieDoc on March 11, 2011 at 6:10 PM

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