To lower gas prices. Presbo sez that we cannot solve the gas price increase and energy crunch by drilling our way out of the problem. Because we have only 2% of the world’s oil.
But that only counts the recoverable oil that is know to be in current wells in existing fields compared to the known oil in the world. Just like the CBO doesn’t make any predictions base on what people actually are likely to do and just bases forecasts as if things would stay exactly the same, these numbers that Presbo is touting assume that we would never have or develop any other oil in the entire US.
Now if that were true, there wouldn’t really be any need for the government to be in the government land leasing business to regulate companies exploring for oil. And there wouldn’t be any need for the permitting rigmarole. All of that massive bureaucracy could be shuttered, just like he is doing to our coal-fired power generation plants. Think of a ll the savings in dumbocracy jobs.
Problem is that the government’s own Bureau of Ocean Energy Management estimates that there are a recoverable 4 times our known reserves just within our territorial waters on the continental shelf. And over half again our known reserves in Anwar. And almost 80% again our known reserves in Utah tar sands, according to the government’s Bureau of Land Management. And more 120% of our known reserves in oil shale in the US. Except that’s wrong, because according to the government’s United States Geological Survey the Green River Formation in Wyoming has 1.4 trillion barrels of oil in oil shale, and 800 billion of that is recoverable just using the technology we have today.
All told, we likely have more than 3 times as much oil currently recoverable in the US as exists in Saudi Arabia. All that drilling and going after this oil would do is flush our markets FULL of cheap oil. A sea of oil. Oil cheaper than bottled water.
But we CAN”T drill our way out of the problem. Because the government, both the Congress and Presbo, have put all of this oil off-limits. When he says “we can’t” he means that “you may not”. Because that’s not his plan. Under his plan “energy prices will necessarily skyrocket”.