Oil, gas, and coal are the energy sources of the past, present, and future
While Obama continues his implacable war on fossil fuels and campaigns for impotent and unreliable energy sources, he incessantly condemns oil as ‘the energy of the past’. He is obviously referring to his self-fulfilling dream of eradicating oil from our economy; not the proven reality of our oil reserves. According to the latest research by the Congressional Research Service (CRS), America has more proven reserves and undiscovered resources of gas, oil, and coal than any other country in the world. Contrast that to the billions of dollars in special interest subsidies that have failed to ameliorate ineffectual ‘alternative fuels’ and it becomes quite obvious where the energy source of the future lies.
In an impassioned and timely floor speech this morning, Senator James Inhofe (R-OK.), an energy policy hero, elucidated the salient findings of the CRS report. The report, which was initiated by Inhofe for the Senate Committee on Environment and Public Works, includes estimates from the Energy Information Administration, U.S. Geological Survey, and the Bureau of Ocean Energy Management. Here are some of the key points from the report and from Inhofe’s research:
- While we only have 28 billion barrels of proven oil reserves, there are 135 billion additional barrels of undiscovered, yet recoverable, oil resources throughout our territory. In other words, as a result of the war against drilling, we can only “prove” the existence of 18% of the total 163 billion barrels. This is because we can’t officially prove the exact amount of fuel resources until we explore and drill them. If we were to tap into our resources, we could cancel our imports from the Persian Gulf for 50 years, still meeting our energy needs.
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