Oil in the news - a two-fer
First - domestic oil, a reality check from David Limbaugh (Rush's smarter brother) at
Newsmax:
Obama's Big Lies on Big Oil
How much truth is there in President Barack Obama's latest favorite mantra that we consume a disproportionate share of the world's oil, especially considering how little of the world's reserves we have?
Recently, Obama said: "But here's the thing about oil. We have about 2, maybe 3, percent of the world's proven oil reserves. We use 25 percent of the world's oil. So think about it. Even if we doubled the amount of oil that we produce, we'd still be short by a factor of five."
First, let's look at the raw numbers and then examine Obama's misleading framing of the issue. This is important because he uses these statistics to justify his reckless expenditure of federal funds to pursue alternative "green" energy sources, such as the disgraceful and scandalous Solyndra project.
Obama is lying with numbers -- we are very well off, up to 400+ years of known reserves.
Second, our antipodal friends -- from the Adelaide
Advertiser News:
$20 trillion shale oil find surrounding Coober Pedy 'can fuel Australia'
Brisbane company Linc Energy yesterday released two reports, based on drilling and seismic exploration, estimating the amount of oil in the as yet untapped Arckaringa Basin surrounding Coober Pedy ranging from 3.5 billion to 233 billion barrels of oil.
At the higher end, this would be "several times bigger than all of the oil in Australia", Linc managing director Peter Bond said.
This has the potential to turn Australia from an oil importer to an oil exporter.
This post was from January 2013 -- the current numbers tend towards the 200+ billion barrels mark - more than the Saudis.
Posted by DaveH at December 8, 2013 12:47 PM