Energy Experts Send Obama a Letter Expressing Concern Over His Hostility to Domestic Oil Producers (Video)
Oil industry experts from Oklahoma sent President Obama a letter expressing concern over his anti-energy record. The experts note Obama’s hostility to domestic oil production and development over the last three years since he came into office.
Energy experts also blasted Barack Obama for misleading the American public on potential US oil reserves.
FOX News reportd:
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.
That’s energy the government knows we have but that has not yet been drilled for. Industry experts argue it’s there for the taking.
“The trillion-plus barrels of oil in this country, more oil than in Saudi Arabia, is not counted by the president, and I think that’s misleading the American people,” John Hofmeister, the former president of Shell Oil, said.