Tuesday, May 15, 2012

Govt. Report: Green River Shale More Oil Than Entire World's Proven Reserves

And Obama who continues to mislead the public claiming U.S. has only 2% of proven reserves is set to block exploitation of this resource on federal lands!

When gas prices started to peak last winter Obama did what he usually does in response to a problem, he made a speech. Or in this case, a series of speeches in which he claimed he was for "all of the above" in energy production. Yet he continued to denigrate drilling for new sources of oil claiming we couldn't "drill our way out" of the energy crunch.

And at the same time that Obama claimed that under his Administration domestic oil production has gone up, critics pointed to the fact that on federal lands, production has dropped.

Now, in testimony [PDF] before a House of Representatives subcommittee on energy and the environment, Anu Mittal, the Government Accounting Office expert on natural resources and the environment revealed the following:
Being able to tap the vast amounts of oil locked within U.S. oil shale formations could go a long way toward satisfying the nation’s future oil demands. The Green River Formation—an assemblage of over 1,000 feet of sedimentary rocks that lie beneath parts of Colorado, Utah, and Wyoming—contains the world’s largest deposits of oil shale. USGS estimates that the Green River Formation contains about 3 trillion barrels of oil, and about half of this may be recoverable, depending on available technology and economic conditions.
...
This is an amount about equal to the entire world’s proven oil reserves.
Let's repeat that last sentence: "This is an amount about equal to the entire world’s proven oil reserves." Approximately 1.5 TRILLION barrels of oil, perhaps much more with newer technology. But even at the median figure, it's enough to supply the entire petroleum needs of the United States at current usage for over 200 years!

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1.5 TRILLION barrels of oil.
"This is an amount about equal to the entire world’s proven oil reserves."

Obama to block shale oil development in Green River basin?

Much of area where oil shale recovery would be ideal lies on federal lands. And right on cue, the Obama Administration has put forward a plan to block development of this resource on those lands. But this is nothing new. It adds to a very long and growing list of other actions taken by the Obama Administration to block American energy production.

Billions in lost wages and tax revenue that could reduce the deficit are just a few of the consequences of Obama's War on Oil. The worst consequence is the daily cost Americans pay at the pump for  gas with the money going overseas!

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