In which Obama shabbily attempts to perpetuate the myth of energy scarcity

posted at 3:40 pm on March 14, 2012 by Tina Korbe

The president likes to repeat that oil production is at an all-time high under his administration. He also likes to emphasize “we can’t just drill our way to lower gas prices.” After all, he argues, we have just 2 percent of the world’s oil reserves — but we consume 20 percent of the world’s oil.

Energy experts say the president’s rhetoric isn’t exactly forthright. It’s unfair for the president to take credit for record high oil production. Not only does it take oil three to five years to come online, which means the previous administration was responsible for approving the exploration and drilling permits that led to increased production, but oil production on federal lands actually declined from 2010 to 2011. Oil production on private lands is responsible for the increase. The specifics:

As CNSNews.com has reported, oil production on federal lands declined in fiscal year 2011 from fiscal year 2010 by 11 percent, and natural gas production on federal lands dropped by 6 percent during the same timeframe.

In contrast, oil production on private and state lands accounted for the entire increase, reported the IER, as production was up 14 percent from 2010 to 2011. Natural gas also was up 12 percent from 2010 to 2011.

The president’s claim that we have just 2 percent of the world’s oil reserves is also misleading, according to the Institute for Energy Research. When the president uses that 2 percent figure, he’s talking about the country’s current proven oil reserves — not about the country’s recoverable oil. We have enough of that to fuel the nation for the next 200 years, IER experts say.

The president is right that “we can’t just drill our way to lower gas prices,” but his preference for subsidizing alternative energy production doesn’t directly target transportation costs, either. Wind and solar aren’t transportation fuels, after all.

The president should signal — not just to the United States, but also to OPEC — that he is committed to drill for oil and natural gas. The fairest way to do that is to ease the regulatory burden on energy companies — not to subsidize his preferred producers. If his administration doesn’t pick up the pace of permitting, then producers won’t be able to maintain the current high levels of production, let alone increase it.


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On the contrary Obowma, I say “Drill, Baby, Drill”

NapaConservative on March 14, 2012 at 3:44 PM

President Pinocchio, led around by Jarrett as Geppetto.

BuckeyeSam on March 14, 2012 at 3:44 PM

Energy experts say the president’s rhetoric isn’t exactly forthright

You mean to tell me Dear Liar said something not completely true? Color me shocked.

rbj on March 14, 2012 at 3:45 PM

President Barack Obama made grand pronouncements about domestic energy policy in his State of the Union address, vowing to pursue an “all-out, all-of-the-above strategy that develops every available source of American energy” to create jobs and meet the nation’s energy challenges.

You lie.

visions on March 14, 2012 at 3:46 PM

We have enough of that to fuel the nation for the next 200 years, IER experts say.

I thought it was for the next 400 years.

NapaConservative on March 14, 2012 at 3:46 PM

I cannot believe my Econ 101 fooled me into believing supply and demand affects the price of goods and services.

WashJeff on March 14, 2012 at 3:46 PM

The president should signal — not just to the United States, but also to OPEC — that he is committed to drill for oil and natural gas.

Pshaw. Why, Tina? He’s not committed to that at all.

ted c on March 14, 2012 at 3:47 PM

Newt should ditch his campaign travel calendar and start his campaign to follow Obama around giving a speech a day after Obama on the same topic, at the same location. He’d probably swing back into the lead after a few short weeks.

Youngs98 on March 14, 2012 at 3:48 PM

Obowma is just as dumb as his resident lieutenant ernesto. His explanation of our oil production vs consumption the other day still has me ROTFLMAO.

NapaConservative on March 14, 2012 at 3:50 PM

Newt should ditch his campaign travel calendar and start his campaign to follow Obama around giving a speech a day after Obama on the same topic, at the same location. He’d probably swing back into the lead after a few short weeks.

Youngs98 on March 14, 2012 at 3:48 PM

This is exactly what he will do when he begins the 60 day campaign in June.

Romney will drop into oblivion.

faraway on March 14, 2012 at 3:51 PM

Are we sure Goebbels died at the end of WWII? I swear, if he did, he’s been reincarnated.

totherightofthem on March 14, 2012 at 3:54 PM

Shade the truth? That’s racism.

Oil Can on March 14, 2012 at 3:54 PM

We CAN drill our way to lower prices. Just open up Federal Land for drilling and see what that will do for the Oil and Gas Prices! (Hint: just go back and see what happened when President Bush did this!)

gullxn on March 14, 2012 at 3:55 PM

I understand Obama’s aversion to oil exploration. Let me make your day: imagine Michelle Antoinette in panties decorated with “Drill Baby Drill” slogan. Obama likely gets to see it every day…

Archivarix on March 14, 2012 at 3:55 PM

The president is right that “we can’t just drill our way to lower gas prices,” …

Respectfully disagree.

ShainS on March 14, 2012 at 3:56 PM

Something else Mr. Downgrade inherited…

New Oil production…

And he fluked that up as well.

Electrongod on March 14, 2012 at 3:56 PM

Energy experts say the president’s rhetoric isn’t exactly forthright.

Hotair-speak for “he lied his ass off”.

The Rogue Tomato on March 14, 2012 at 3:57 PM

The Prevaricator-in-Chief makes Clintoon look like an amateur when it comes to unmitigated bullshit.

hillbillyjim on March 14, 2012 at 3:59 PM

I thought it was for the next 400 years.

NapaConservative on March 14, 2012 at 3:46 PM

I’d say 200 years is plenty for market forces to determine the primary source of energy by then. No need to subsidize “green” fantasies.

The Rogue Tomato on March 14, 2012 at 3:59 PM

Only 2% of the world’s reserves? When Gingrich told us last night that North Dakota alone has 500 billion barrels, which is more than twice what Saudi Arabia has. And that doesn’t count ANWR, offshore, or the shale deposits under the Rockies.

The president is right that “we can’t just drill our way to lower gas prices,”

But he can MAKE THE DECISION to drill as much as we can, and oil-futures traders will anticipate higher future supplies and bid down the price of oil in the future, which will entice suppliers to sell at today’s higher prices instead of tomorrow’s lower prices. George W. Bush did this in July 2008, and crude oil prices plummeted 60% in 6 months, and gasoline was below $2.00 per gallon in early 2009.

Make the decision to allow the drilling, and the free market will do the drilling, because those evil greedy oil companies want to get rich. If they pay American workers to drill, and gasoline drops to $2.50 a gallon, what’s wrong with that?

Steve Z on March 14, 2012 at 4:00 PM

It’s unfair for the president to take credit for record high oil production gas prices.

FIFY

VibrioCocci on March 14, 2012 at 4:02 PM

Energy experts say the president’s rhetoric isn’t exactly forthright. It’s unfair for the president to take credit for record high oil production.
===============================

But….but….but…..Pelosiums says,

.@NancyPelosi : We’re operating 4X more oil rigs in US today than when Obama took office. More rigs in US than entire world combined. #eis12

http://twitter.com/NancyPelosi

canopfor on March 14, 2012 at 4:03 PM

I’m sorry (no I am not) but…take a quick look at NatGas prices. They are at the lowest levels in 10 years. Why? Because we have found a bunch of it and the market is flooded. Hmmmm. Think we might be able to do the same thing with oil?

landowner on March 14, 2012 at 4:03 PM

And he fluked that up as well.

Electrongod on March 14, 2012 at 3:56 PM

Just when I thought we couldn’t get any more “mileage” out of it! LOL!

Turtle317 on March 14, 2012 at 4:04 PM

Every President and every Congress since the formation of OPEC and their 70′s embargo is negligent to the nth degree in not pursuing an aggressive agenda to get our production of oil to the level where we can tell our enemies to pound sand.

hillbillyjim on March 14, 2012 at 4:04 PM

All I hear is “The good things are because of me, the bad is not my fault. Re-elect me now please.”

Ukiah on March 14, 2012 at 4:04 PM

Pelosium Part Deux!
——————-

NancyPelosiNancy Pelosi

GOP claims we can drill our way out of high gas prices-not true, US oil rigs have quadrupled under Obama: flic.kr/p/bohM6C

http://twitter.com/NancyPelosi

canopfor on March 14, 2012 at 4:05 PM

Pelosium Part 3!
—————-

NancyPelosiNancy Pelosi

Find out how much Wall Street oil speculators are costing you every time you fill up the gas tank: flic.kr/p/bBcELX

http://twitter.com/NancyPelosi

canopfor on March 14, 2012 at 4:07 PM

To suggest that the market would not be affected by reining in the EPA and developing our energy resources is a lie.

The announcement of a comprehensive plan to develop our national energy resources and would have an immediate effect on the oil market. Immediate.

novaculus on March 14, 2012 at 4:08 PM

Has there been a modern President as pig ignorant of current topics and/or as shameless about lying as Obama? Carter promulgated a lot of dumb ideas, but as far as I know never deliberatly lied when promoting them. Nixon, of course, got caught up in one of the biggest lies in modern history as well as promoted a lot of Statist policies, yet was quite astute in other areas. The Left loves to spout the “Bush Lied!!!11!” meme even though there is zero evidence GW knowingly lied about anything. Obama, on the other hand, displays no knowledge whatsoever on just about every topic at hand and then doubles down on his ignorance by laying out whopper after whopper.

Chris Wallace infamously asked Michelle Bachman last fall in an interview if she was a flake. Are there no journalists left in this country who can ask the president the same thing?

RobertE on March 14, 2012 at 4:09 PM

I’d say 200 years is plenty for market forces to determine the primary source of energy by then. No need to subsidize “green” fantasies.

The Rogue Tomato on March 14, 2012 at 3:59 PM

No argument from me TRT. It just irks me how we’re always told that we’re on the brink of running out of oil any time now.

Last time I checked, the earth hasn’t stopped producing new oil. Gaia must not be listening to the green brigade. Gaia is obviously racist.

NapaConservative on March 14, 2012 at 4:11 PM

Tina,

The other thing that bothers me about the Democratic rhetoric on oil exploration is the constant refrain that oil exploration development takes years, maybe decades to develop, and so therefore it is not a solution to the problem.

Well, duh! Anything that’s going to have a long term impact on energy independence isn’t going to happen overnight and it will take time.

Putting aside the infantile nature of the argument (it’s too hard, whaaaaa!), what this annoying attitude shows is that this President (and lots of politicians on both sides of the aisle) only care about the short-term, political calculus of these decisions and not the long-term well-being of the US.

And yet no one seems to be taking the President and his lame media backers to task on this?

powerpickle on March 14, 2012 at 4:13 PM

DeFlector Shields Up!
———————–

Obama Strategy To Deflect On Gas Prices Not Working
***************************************************

National Journal’s Major Garrett says that Obama’s strategy on Gas Prices is failing.
Added: 1 day ago Occurred On: Mar-12-2012
==========================================

http://www.liveleak.com/view?i=cea_1331588229

canopfor on March 14, 2012 at 4:16 PM

Cheap energy=freedom

Obama wants expensive energy.

I’ll let you figure out the conclusion.

tom daschle concerned on March 14, 2012 at 4:17 PM

We have enough of that to fuel the nation for the next 200 years, IER experts say.

If we keep our tires properly inflated we could stretch that to 202 years.

Akzed on March 14, 2012 at 4:18 PM

The president is right that “we can’t just drill our way to lower gas prices,”

Well, we have to transport the oil to refineries and turn it into gasoline and diesel etc… In what sense is he right that we can’t drill our way to lower prices? Please explain.

Akzed on March 14, 2012 at 4:25 PM

Anybody beside me really starting to lose repect for HARVARD?
No, I’m not talking about all the liberals that come out of there…but, just outright losing respect of Harvard, as an educational institution? Look at the people the Liar-in-Chief has in his administration that come from there…and what bafoons they are!

KOOLAID2 on March 14, 2012 at 4:33 PM

Mittens has so many opportunities to slay him in debate. Like this little factoid about the difference between recoverable oil and oil sitting in containers. And why have refineries in the East closed down, EPA?

Please, Lord, make him grave.

PattyJ on March 14, 2012 at 4:35 PM

They are considering themselves The Elite and couldn’t mingle with The Little People who they claim to support.

NapaConservative on March 14, 2012 at 4:37 PM

Shameless, disgusting, liar. Liberals worship this scum.

ultracon on March 14, 2012 at 4:39 PM

but we consume 20 percent of the world’s oil

He keeps talking about this like it’s a bad thing.

Advanced societies use more energy. Duh. He won’t be happy until we’re all living in huts, pooping in outhouses and eating bark just so the world won’t be so jealous of our living standards.

The Rogue Tomato on March 14, 2012 at 4:40 PM

I would like to know what other source of portable fuel can push a 2000 pound car 200 Plus MPH NASCAR, take you 500 plus miles or allow people to drive across country and is readily available ready to be refilled in 10 minutes or less? Oblamer keeps pushing green crap. Can wind power replace gasoline at this time (only if they are golden unicorn farts in the delusional world Barry lives in) Solar? How big an array would you need to replace the power in one gallon of gas? much less a 20 gallon tank full of gas. Electric Volts yeah get out your flame retardant NASCAR suit. I suggest that maybe all this green energy stuff is not ready for prime time. The lab experiment has failed it is too expensive, it doesn’t work and nobody is buying into it. Maybe after all the bugs have been worked out and green energy shows it can work should we consider it. How about we focus on high efficiency cars say 50-60 MPG that uses the portable power source? Gas

stormridercx4 on March 14, 2012 at 4:53 PM

The president is right that “we can’t just drill our way to lower gas prices,”

That’s not necessarily true. We don’t know the answer to that question yet so we have absolutely nothing to lose by drilling and finding out. There are many investors out there willing to put their money where their mouths are, unlike Obutthead who stubbornly refuses to let them risk their cash while he blatantly gives billions of our dollars to his cronies to piss down the alternative energy drainhole into their coffers. Opetulant is afraid of being wrong bcuz if we were to prosper that would mess up his plans to erase America.

stukinIL4now on March 14, 2012 at 4:54 PM

When you have an administration that believes that resources and human potential are limited you will inevitably end up with limited opportunity and resources/higher prices.

LifeTrek on March 14, 2012 at 4:59 PM

Yes, we have 2% of A, while we consume 20% of B. See, A and B are two different things, but Obama makes it seem like it’s the same thing. In fact, A is HUGE, so 2% of that is hell of a lot of oil. Meanwhile we consume 20% of B because that’s all we need.

Apples and oranges. Obama and Wisdom.

EMD on March 14, 2012 at 5:04 PM

When you have an administration that believes that resources and human potential are limited you will inevitably end up with limited opportunity and resources/higher prices.

LifeTrek

+∞

It applies to all of the Left, whether of the neo-Luddite AGW crew or just the average democratic socialist.

chimney sweep on March 14, 2012 at 5:20 PM

the thing that upsets me the most it the fact that when a Republican Takes over and we do “Drill Our Way to Lower Gas Prices,” as we did when Reagan took over after Carter, the MSM will still consider Obama to be the Expert and his critics to be Uninformed.

Ted Kennedy, who opposed Reagan tooth and nail and predicted Reagan’s Policies would lead to $4.00 a gallon gasoline (they went to $0.98) was the Voice of Reason in the MSM when Bush wanted to open ANWR for drilling.

jaydee_007 on March 14, 2012 at 5:51 PM

oil and gas? i thought our space cars could run on algae?

burserker on March 14, 2012 at 6:46 PM

Obama’s Fix For Gas Prices: “Set Up A Task Force To Look Into Speculation”

“In the meantime, cuz I know people are hurting right now and it feels like a tax out of their paychecks, what we’re doing is looking at every single area that can affect gas prices, from bottlenecks that are out there, we’ve set up a task force to look into speculation to make sure people are taking advantage of the situation on the global oil markets,” President Obama told WKRC-TV.

So…. he plans on setting up laws that affect the GLOBAL OIL MARKETS??

I’m sorry, I missed the part where we he was elected WORLD LEADER.

mr_west on March 14, 2012 at 7:22 PM

After all, he argues, we have just 2 percent of the world’s oil reserves — but we consume 20 percent of the world’s oil.

And China and India combined suck up 40% of the world’s atmosphere, but only have about about 5% of the atmosphere.

Just sayin….

BobMbx on March 14, 2012 at 7:28 PM

This is what we get when an ill informed electorate selects the most economically ignorant candidate evah! to be president.

The left likes to call Sarah Palin dumb. She knows a hell of a lot more about energy than Obumble ever will!!

JayVee on March 14, 2012 at 7:36 PM

Holdren….de-develope the USA…Obama…redistribute the USA

merge them…resistence is futile

John Kettlewell on March 14, 2012 at 11:09 PM

The president’s claim that we have just 2 percent of the world’s oil reserves is also misleading, according to the Institute for Energy Research. When the president uses that 2 percent figure, he’s talking about the country’s current proven oil reserves — not about the country’s recoverable oil. We have enough of that to fuel the nation for the next 200 years, IER experts say.

The day of the Alabama primary, Gingrich told us there are 500 billion barrels of recoverable oil under North Dakota alone, which is more than twice the known reserves of Saudi Arabia. This does not include ANWR, anything offshore we haven’t drilled yet, and the abundant shale oil reserves under the Rockies, which were estimated in 2005 to contain 500 billion to 1.1 trillion barrels. Current consumption in the USA is about 5 billion barrels per year, so that 500 billion barrels in ND and 500 billion barrels in the Rockies could fuel the nation for 200 years.

The president is right that “we can’t just drill our way to lower gas prices,”

Not directly, but publicly expressing the WILL to drill sends a signal to oil-futures traders (those EEEEEVIL speculators) that future oil supplies will be greater than present oil supplies, and traders will sell off contracts to buy high-priced oil in the future. This will also encourage producers to sell oil at today’s high prices rather than at tomorrow’s lower prices, thereby producing a glut and bringing down current prices.

Former President George W. Bush did this in July 2008, and by January 2009 crude oil prices plummeted by 60%, and gasoline was $1.80 per gallon.

The main problem: can EgObama EVAH admit that BUSH WAS RIGHT???

Steve Z on March 15, 2012 at 9:44 AM

Maybe we can’t “just drill our way to lower gas prices”…but we darn sure can DE-REGULATE our way to lower gas prices!!!

1. Turn on the pumps which are idled by brain-dead greenie bureaucrats!!!

2. Stop locking up Federal land, which is supposed to be for the benefit of ALL OF US, for the exclusive benefit of deranged eco-wackos!!!

3. Now that we have PROVED that off-shore drilling in the Gulf cannot do much damage to the shoreline (microbes in the water eat the spill before it ever gets there), let’s unleash our off-shore drilling companies…and quit tying up OUR OIL for the exclusive benefit of our enemies.

4. Stop indulging in green fantasies!!! R&D is OK, but the need to subsidize a “green” production facility only proves how stupid and impractical the “green technology” really is!!!

landlines on March 15, 2012 at 11:53 AM

Where are the idiot Republicans on all of Obama’s false energy meme’s? Only the much maligned Sara Palin appears to be able to dispute the lies. Where is that fat boy loving, big mouth, blonde yapper skank, Ann Coulter?

el Vaquero on March 16, 2012 at 2:03 PM