At a time when the U.S. debt has reached more than $15 trillion, and the nation’s unemployment rate continues to hover near 9%, it is critical that the American people demand that the liberals which bow to the environmentalists “get out of the way.”
Recent studies indicate that the United States is sitting on the world’s largest untapped oil reserves. These reserves are estimated to be as high as 23 trillion barrels of oil, nearly three times the reserves held by OPEC.
Tapping into these reserves, the U.S. could become the largest exporter of oil in the world, thereby potentially eliminating our trade deficit.
According to Kiplinger, we have enough oil for three centuries without OPEC’s help “if we’re willing to go after it.” And the Wall Street Journal, Exxon/Mobil, and Shell Oil all agree that renewable energy is 100 years away.
Some of these untapped reserves include:
-- The Bakken Fields in North and South Dakota, where it is estimated that there is at least 200 billion barrels of oil. And at $100 per barrel the value is $20 trillion.
-- The Outer Continental shelf, where estimates reach 90 billion barrels lie off the Atlantic, Pacific, and Gulf coasts.
-- The Alaska National Wildlife Refuge, where 10 billion barrels sit at a current value of $9 trillion.
-- Tar Sands, where approximately 75 billion barrels representing an astounding 2 million barrels per day, at a value of $7.5 trillion.
-- Oil Shale, representing potentially the largest area of oil production with estimates reaching 1.5 trillion barrels.
Lifting the restrictions that have been maintained by the Democrats in Washington would create literally millions of U.S. jobs.
Presently we send nearly $500 billion overseas every year to foreign countries to buy the oil we need when we are quite capable of producing our own oil.
According to the CIA Fact Book, the U.S. produces 7,460,000 barrels of oil each day. Yet, we consume 20,800,000 barrels each day, creating a deficit of 13,340,000 barrels or more than 64 percent.
On September 7, 2011, the American Petroleum Council highlighted a study by Wood Mackenzie that America could create one million jobs in the next seven years by developing its own oil and natural gas reserves. The study also reported that the number of jobs could reach 1.4 million by the year 2030 and would create an additional $800 billion in government revenue.
Although the Obama administration claims to be committed to the expansion of our energy resources, its actions and the actions of the Democratic-controlled U.S. Senate speak louder than their words.
And what is the president’s energy plan? Does Solyndra ring a bell? After giving approval for a government-backed $135 million loan to Solyndra, the company fell to bankruptcy, leaving taxpayers out to dry. And Solyndra is not the only such “green-energy” company the president has wasted taxpayer money promoting.
In July, 2010, President Obama approved another $400 million to Abound Solar, a Colorado-based company now on the verge of bankruptcy after laying off half its workforce.
The president’s defacto blockage of drilling for our own oil and gas have thereby wasted an opportunity to create critically needed American jobs while the nation’s unemployment rate mirrors that of the Great Depression. It is estimated that the Keystone Pipeline project could create more than 200,000 jobs over the long haul alone.
Meanwhile, this same president, as reported by the Wall Street Journal in August, 2009, through an executive order, has committed billions of U.S. taxpayer dollars to Brazil’s government-run oil company, Petroleo Brasileiro SA, to drill for oil. And to add insult to injury, the president has pledged that the U.S. will be a “major customer” for Brazilian oil.
Now with gasoline at the pumps hovering near $4.00 a gallon, more than double what it was at the time Obama took office, the folks need to recognize that this administration is headed in the wrong direction on energy. And the president apparently wants the price to continue its upward trend in order to force his alternative energy agenda.
For all these reasons, and more, it is imperative that Republicans take the White House and U.S. Senate in the 2010 elections. The country’s debt and budget deficit could be dramatically improved by developing our own energy resources. Concurrently, we could create millions of jobs over the next couple decades.
This is a “no-brainer” that most Americans support. It is high time the president and the Democrats stopped investing taxpayer money into private sector companies and get out of the way and let private enterprise do what it does best.