Another liberal myth exposed

[JRK]

Define "technically recoverable" in the context of Obama's claim.

Technically recoverable = oil Obama wants to pretend we do not have

The first "Oil Fracking " started in 1947 after WWII showed demand for other oil production assets such as oil sand.

And the "proven recoverable" oil Obama says when he uses statement the USA has 2% but uses 25% " as the arguement AGAINST "drill baby drill" was based on traditional drilling methods...not what is happening in ND, MT, etc. where oil shale production and "proven" reserves over over a trillion barrels of recoverable!


URL="http://www.indexmundi.com/energy.aspx"]http://www.indexmundi.com/energy.aspx [/URL]
FACT: OIL resources that USA uses 18,810,000 barrels / day.
FACT: 4.7 TRILLION BARRELS in USA that Obama could open up!
100 feet or less of Gulf 2.8 billion barrels
Virginia 0.3
Anwr Alaska 10.0
Bakken formation 3,600
CO,UT,WY 1,100
total 4,713 billion barrels or at above consumption rate 686 YEARS!!
U.S. oil resources: President Obama’s ‘non sequitur facts’ - The Washington Post

But Obama's against "Drill baby drill" apparently because he wants as he said his exact words.." Then he said to Brazil regarding oil purchases: "We'll be your best customers"

So what reason would Obama be in favor of the USA OWING foreign countries for OIL while at the same time turning down domestic OIL production royalties that would add over $100 trillion to the US treasury?


If we determined we needed oil for 300 years and exported the rest at $50 / barrel:
The USA could collect in exporting 2 trillion barrels at $50 a barrel $100 TRILLION!

Based on the above price a barrel of crude oil produced from an onshore lease were sold at the lease for $48, the royalty due would be 1/8 of the selling price or $6.00
1/8th of $50 per barrel is $6.25 a barrel in royalties Federal revenue on 4 trillion barrels= $25 trillion !

Industry Earnings

Disbursements and Reported Royalties
WHY would he want to take $100 TRILLION in TAX revenue from American oil companies??

great thread
Right now in SE texas there has been 1000s of jobs created for the pipeline BHO and the Dems are dead against all ready
I worked at the Motiva refinery for 2 years prepping it for that oil yet to come
http://www.google.com/url?sa=t&rct=...wvzOBA&usg=AFQjCNFp21S9pa_Ds6KSZmdXA9bY4vNfNA

Think of all the jobs we could create by getting aggressive in this sector thru out the country
More tax revenue