Your link ratifies what I'm saying. A quote:
"Some of the oil that the U.S. consumes is produced domestically. But while consumption has been on the rise over the years, production is at a 50-year low. In 2005 the United States produced an average of 5.4 million barrels a day -- a little more than half of what it was producing 20 years ago."
Domestic production off 50% in 20 years. That's disgraceful. Truly a monument to how far the pendulum has swung in the greenie direction.
Check this editorial on put up yesterday (August 12) on the web site of Investors Business Daily:
"We've said it many times, but it bears repeating: The U.S. is awash in oil, so much that it's almost mind-boggling. The idea we're somehow energy-deficient is simply false =97 a lie, if you will.
"Let's take just that crude that exists in U.S. coastal waters =97 whether off Alaska or California, or in the Gulf, or off the Atlantic Coast. According to recent data from the American Petroleum Institute and U.S. Bureau of Land Management, the U.S. has 86 billion barrels of oil offshore =97 and that's only what we can recover using today's technology. Future technologies will boost that.
"This is no small amount. Offshore oil alone could fuel 65 million cars for 47 years.
"Go onshore, and the bonanza gets even bigger. Some 11.7 billion barrels of conventional oil are available in the Lower 48, and a recent U.S. government report has identified another 45 billion in Alaska and the Arctic region. Which explains why the U.S. this week dispatched an exploration vessel to begin to stake our claim.
"Government estimates say there could be as many as two trillion barrels of oil locked in shale-rock formations in Colorado, Wyoming and Utah. Of that, at least 800 billion barrels is recoverable using today's known technology and at prices below what we're now paying. That's three times the oil reserves of today's No. 1 oil country, Saudi Arabia.
"In short, America is an oil-rich nation. Our economy =97 the world's economy =97 depends on oil for growth. And it will depend on oil and coal at least through the middle part of this century, most estimates show."
So tell me, why does it make sense not to exploit these resources at full tilt?
180 Out