It’s an Obama world.
Obama mocks drilling for oil – pushes green algae instead
Barack Obama admitted Thursday that he didn’t have any clear solutions to the surging gas prices. However, he did propose using algae to bring down the price.
The Examiner reported:
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“We’re making new investments in the development of gasoline, diesel, and jet fuel that’s actually made from a plant-like substance, algae — you’ve got a bunch of algae out here,” Obama said at the University of Miami today. “If we can figure out how to make energy out of that, we’ll be doing alright. Believe it or not, we could replace up to 17 percent of the oil we import for transportation with this fuel that we can grow right here in America.”
And, Investor’s Business Daily reported yesterday on the biggest lies from Obama’s energy speech. Here’s one:
“The U.S. consumes more than a fifth of the world’s oil. But we only have 2% of the world’s oil reserves.”
Fact: Obama constantly refers to this statistic to buttress his claim that “we can’t drill our way to lower gas prices.” The argument goes that since the U.S. supply is limited, it won’t ever make a difference to world prices.
Subscribe to the IBD Editorials Podcast It’s bogus. New exploration and drilling technologies have uncovered vast amounts of recoverable oil.
In fact, the U.S. has a mind-boggling 1.4 trillion barrels of oil, enough to “fuel the present needs in the U.S. for around 250 years,” according to the Institute for Energy Research. The problem is the government has put most of this supply off limits.
Read the rest here.