$3.64 at SAM's, $3.76 on the corner. Despite the president's comments today oil and natural gas production on federal lands is down by more than 40 percent compared to 10 years ago. Under the Obama administration, 2010 had the lowest number of onshore leases issued since 1984. The Obama administration held only one offshore lease sale in 2011.
All the increases in drilling he touted in today's speech is happening on private land; an area that Obama can't exert much control over, although he has some and there is no doubt in my mind that he would shut down that production if he could in order to stay on the Green's good side.
All of which leads me to believe the president truly does not want the price of gas to come down regardless of his pronouncements. As President Bush demonstrated when he merely mentioned opening the off shore leases back in 2008, words really matter and the world is paying attention to what the president says.
I noticed that the energy secretary Chu, who previously called for gas prices to rise to the levels of Europe (mostly due to taxes) haas decided that that’s not a good election year strategy and is now telling the senate that he wants prices to drop.
It really is quite simple, until we have an alternative fuel source that will get a Boeing 747 off the ground and move an oil tanker a half-mile from the dock we will remain dependent on oil.
The good news is we have centuries worth of oil and gas in our own backyard.
When you look at the whole picture, it turns out that there are vast supplies of oil in the U.S., according to various government reports. Among them:
At least 86 billion barrels of oil in the Outer Continental Shelf yet to be discovered, according to the government's Bureau of Ocean Energy Management.
About 24 billion barrels in shale deposits in the lower 48 states, according to EIA.
Up to 2 billion barrels of oil in shale deposits in Alaska's North Slope, says the U.S. Geological Survey.
Up to 12 billion barrels in ANWR, according to the USGS.
As much as 19 billion barrels in the Utah tar sands, according to the Bureau of Land Management.
Then, there's the massive Green River Formation in Wyoming, which according to the USGS contains a stunning 1.4 trillion barrels of oil shale — a type of oil released from sedimentary rock after it's heated.
We just need the national will to get at it, the president could cause that to happen with just a few words. Any takers on whether he shall? I'm giving quite good odds!