For a long time, the Left has gotten away with underselling America’s energy resources. The old chestnut that the U.S. uses 25% of the world’s oil but only has 2% to 3% of the world’s oil reserves has been repeated endlessly by Barack Obama and many others. This claim fooled millions of people who didn’t understand that in the U.S., “reserves” means petroleum that is 1) legally available for development, and 2) profitably extracted at current prices. So if Democrats would stop preventing drilling, we could vastly increase our “reserves,” as legally defined, overnight.
Happily, the publicity that has recently been given to massive shale oil and natural gas deposits in North Dakota, Pennsylvania and elsewhere has awakened many Americans to the fact that our energy resources are truly vast–greater, in fact, than any other country’s. The point is driven home by a new report that has just been released by the Institute for Energy Research. IER describes the problem (and the opportunity) bluntly:
The report is worth reading in its entirety, but here are a few graphics that sum up the bottom line. First, North American oil; click to enlarge:
This graphic compares North America’s recoverable oil with the world’s total “proved reserves.”
There is much more, but let’s end for now with this beautiful map of America’s shale gas resources:
The IER report pinpoints the obstacle to millions of new jobs and the creation of vast wealth that will be shared by all Americans in the form of lower energy costs:
The list of statutes and other legal impediments that follows is three pages long. Only liberal politicians stand between the American people and development of our vast energy resources.
STEVE ADDS: John–how could you leave out my star turn in the video our IER pals did to accompany the report?