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

Fox News ^ | 3/21/2012 | Jim Angle

[tobyhill]

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.

One federal agency says there's 10 times more -- 219 billion barrels more --, in what is called "technically recoverable" energy.

Another agency in the Energy Department says there's 20 times that much, or 400 billion barrels more, and some in the industry claim there's 60 times that amount, meaning some 1.4 trillion barrels in untapped resources.

[tobyhill]

Obama keeps lying and the Lame Stream Media keeps kissing his rear.

[RayChuang88]

Geologists who have analyzed the rock formations in the Rocky Mountains say we may have the potential for nearly 2 trillion barrels of oil if we could find a way to economically extract out the oil from the shale rock. That would make it among the biggest oil deposits in the world.

[Viking2002]

Only a subversive Leftist would use their own ignorance as a propaganda tool.

"As democracy is perfected, the office represents, more and more closely, the inner soul of the people. We move toward a lofty ideal. On some great and glorious day the plain folks of the land will reach their hearts desire at last, and the White House will be adorned by a downright moron."

--H.L. Mencken, The Baltimore Evening Sun, July 26, 1920

[smalltownslick]

Suppose his original statement were true - what would be wrong with that? We PAY for it, making the suppliers rich. How can he be against that/ They are his buds, after all.

[devolve]

MADAM CHU Mercedes personal car

DR. CHU "I have a bicycle but no car" ?

DR. CHU Cadillac US Taxpayer

[Venturer]

Everything Obama does is misleading.

He is our great misleader. The mis-President.

[LRS]

President Obama makes this statement: "We've got 2 percent of the world oil reserves. We use 20 percent."

Barry's solution? Shut down our 20 percent...

[Sooth2222]

He's comparing apples, not with oranges, but with Apple iPads.

It's just a stupid comparison. We produce 32.7% of the world's GDP by one measure. So we should use even more of the oil?

[Flintlock]

“MISLEADING”???
Not really.
Just a lying Kenyan SOB from one fake birth certificate up to the present.

[Sooth2222]

The Washington Post's Fact Checker initially rated this as "True But False" but has since upgraded it to "Two Pinocchios".

http://www.washingtonpost.com/blogs/fact-checker/post/us-oil-resources-president-obamas-non-sequitur-facts/2012/03/14/gIQApP14CS_blog.html

[mellow velo]

Wow! Even the liberal WaPo calling the prez out as a liar. How did that article (and its even more damning followup) ever get past their editors?!

[cashless]

Who knew his imperial majesty, Commissar Obamalamadingdong, would lie? Have all former and current Communists sympathizers engaged in any such dishonesty at any time before? Shocked. Shocked and amazed. /s

[onedoug]

soetoro is pathological liar. Like untreated syphilis it rots from the inside.