Energy industry accuses Obama of misleading public about extent of untapped oil resources

Energy industry accuses Obama of misleading public about extent of untapped oil resources
foxnews.com ^ | 3/21/12 | Jim Angle

Posted on 03/21/2012 7:30:59 PM PDT by ColdOne

In almost every energy speech, President Obama makes this statement: "We've got 2 percent of the world oil reserves. We use 20 percent."

But there's more to those numbers than meet the eye.

"It's accurate but extremely misleading," says Dan Kish of Institute for Energy Research, which is supported by the industry. "What he is talking about is oil we already have found."

Misleading, he argues, because the president is pointing to "proven" reserves, which is some 21 billion barrels, but the U.S. is sitting on vast reserves of untapped energy that are far greater.

(Excerpt) Read more at foxnews.com ...

TOPICS: Government; News/Current Events
KEYWORDS: anwr; energy; keystonexl; opec

1 posted on 03/21/2012 7:31:01 PM PDT by ColdOne

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To: ColdOne

We actually have about 1.4 trillion barrels of the black gold accessible with current technology in the USA. That could last us about 200 years at current consumption levels. We are at 1995 oil consumption levels right now and dropping.

2 posted on 03/21/2012 7:35:56 PM PDT by Jack Hydrazine (It's the end of the world as we know it and I feel fine!)

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To: ColdOne

Why don’t they take out full page ads in major newspapers detailing the Bamster’s lies instead of making press statements that will go largely under the radar?

3 posted on 03/21/2012 7:46:40 PM PDT by SpaceBar

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To: Jack Hydrazine

Yes, and that doesn’t take into account the potential for reprocessing nuclear fuel into nuclear power plants, coal power, fracking of natural gas and eventually oil and all the other technologies now being developed along those lines. This has much more to do with controlling the population of the nation than it does about a lack of fuel alternatives.

4 posted on 03/21/2012 7:48:44 PM PDT by MSF BU

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To: SpaceBar

Because the wealthy in America are by and large latte sipping liberals no matter what industry they are in.

5 posted on 03/21/2012 7:52:46 PM PDT by jwalsh07

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To: SpaceBar

Why don’t they take out full page ads in major newspapers detailing the Bamster’s lies

Why not poke that tiger with a stick?

For all they know Obama will be in office another 4 ½ years. Why unnecessarily provoke a man who holds great power over you.

Obama also has powerful allies in the house and senate who hold grudges. Even if Obama looses reelection most of his allies in congress will be there of years to come.

People in big business don’t poke the tiger.

6 posted on 03/21/2012 8:31:07 PM PDT by Pontiac (The welfare state must fail because it is contrary to human nature and diminishes the human spirit.)

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To: AdmSmith; AnonymousConservative; Berosus; bigheadfred; Bockscar; ColdOne; Convert from ECUSA; ...

Thanks ColdOne.

7 posted on 03/21/2012 8:44:36 PM PDT by SunkenCiv (I come to bury Caesar, not to praise him)

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from the FRchives (via Google, sorted blah blah blah):

8 posted on 03/21/2012 8:46:47 PM PDT by SunkenCiv (I come to bury Caesar, not to praise him)

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Obama: "I want to make sure we end before the call to prayer"

9 posted on 03/21/2012 8:48:14 PM PDT by SunkenCiv (I come to bury Caesar, not to praise him)

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To: Jack Hydrazine

if he repeats his numbers often enough people will take his numbers as fact. an interesting quote about the
“proven” reserves numbers he uses...

Analysts point out that proven reserves were 20 billion barrels back in 1944. But we’ve produced some 170 billion barrels since then, and proven reserves are still just over 20 billion.

10 posted on 03/21/2012 8:54:52 PM PDT by patriot5186

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To: ColdOne

Just for laughs, FREE Manure Spreader in Cushing on Thursday (Cushing, OK)

11 posted on 03/21/2012 8:56:32 PM PDT by MizSterious (Now that Perry's out, I guess I'll just have to vote for "Generic Republican Candidate")

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To: ColdOne

If Obama is talking, which he usually is, then he is also lying!

12 posted on 03/21/2012 9:09:50 PM PDT by Don Corleone ("Oil the gun..eat the cannoli. Take it to the Mattress.")

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To: ColdOne

I do believe the “Industry” is understanding the community agitator for what he is. Get the folks pissed at everything and demand government control.

13 posted on 03/21/2012 9:14:01 PM PDT by eyedigress ((Old storm chaser from the west)/?)

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To: Jack Hydrazine

The U.S. Energy Information Administration estimated in July that the Bakken Shale, which includes parts of Montana and North Dakota and extends into Canada, and the Eagle Ford Shale in south Texas, hold 3.6 billion and 3.4 billion recoverable barrels of oil, respectively. A barrel is 42 gallons.

“This play is developing rapidly. We’re excited about this,” Mueller said at the Credit Suisse Energy Summit in Vail, Colo.

“People say, ‘What could be the potential here?’ On our 500,000 acres, again with just a little bit of core data and a couple of vertical wells to help us out, we think we have about 30 billion barrels [of oil] in place. ... You’ve got a 10 percent recovery factor. We have a potential of about three billion barrels of oil.”

http://www.eldoradonews.com/news/localnews/2012/02/11/smackover-s-brown-dense-could-hold-trove-58.php

14 posted on 03/21/2012 9:16:37 PM PDT by kcvl

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