Shocker. Domestic Oil Production Down. Foreign Imports Up.

Fortunately for all of us, the wise energy policies of the Obama administration have us well on the way to a sustainable, secure energy future for our nation. After all, who could argue with a policy where we seek to import less oil from abroad, stifle the domestic production of such resources and do nothing to replace the shortfall?

With that in mind, surely nobody would expect a result like this.

Domestic Oil Production
Foreign Oil Imports

The lack of effective leadership on this vital issue has drawn the ire of a group of conservative leaders who recently provided a summary of just what we can expect in the future if nothing happens. Brace yourselves, as I’m sure none of you could have called this one.

Issue-in-Brief: Continued instability in the Middle East, combined with unprecedented foreign demand for oil and an uncertain economic recovery at home, has left the United States at the mercy of foreign dictators and markets – issues that would be alleviated if the Administration lifted its self-imposed energy freeze and let domestic producers get back to work, particularly in the Gulf. There is an obvious lack of leadership from the Obama Administration.

Demand for Oil is Skyrocketing

  • Since President Obama assumed office gas prices have risen 87%! (From $1.83 to $3.43 and even higher in some states!)
  • Global demand for oil is rising, and the competition for foreign resources has intensified. By 2035, the United States, Japan, OECD Europe, China, and India are projected to need 25 percent more imported oil than in 2005, with China and India accounting for the major portion of that increase.
  • Instead of reaping the economic and social benefits of developing our domestic resources, the Gulf of Mexico (GOM), even despite the recent permit granted by the Department of Interior (DOI), remains closed for business. According to the Energy Information Agency, domestic offshore oil production will fall 13 percent in 2011, a loss of about 220,000 barrels/day, mainly due to the continued lack of permits for the GOM.

Shocking. That’s the only word for it. Who could have imagined that we would have to import more oil from unstable foreign sources if we don’t allow domestic producers to drill for it here? With this in mind, I would like to officially nominate the Obama administration for the Hot Air Capt. Louis Renault Award.