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Lying About Oil

18 Mar

USA: An oil rich nation after all « Hot Air.

The President has been running around lately (on your nickel by the way) spouting a series of lies and statistical slights of hand with regards to the exploration, production and use of oil.

Let’s deal first with the statistical slight of hand. The President is fond of saying that “we have 2% of the world’s oil reserves but use 20% of the world’s oil production”. This statements is meant to make you feel like a greedy pig and guilty that we use so much energy. This statement is misleading on several levels. First off, he compares a percentage of “proved” reserves (see the link above for an eye-opening graphic) which is a small sub-set of the known oil in the world and compares it with a percentage of actual yearly production. No one knows for sure how many years of “proved” oil reserves exist globally. It is safe to say though that even at current production and use, it we take many years to deplete the “proved” reserves. Comparing these two percentages from vastly different total numbers is dishonest and I believe intentionally misleading.

I can hear some of you whining already that 20% of the world’s production is far to much for any one country. I might agree with you if it weren’t for our annual share of global GDP. Even in our depressed economic state of the last 3 years, the USA’s share of global GDP stands at just over 23% as of 2010. Every single manufactered item in your life was made possible by oil. It is the life blood of the global economy.

The President also likes to run around taking credit for there being more oil production in this country now than when he took office. While it is true that more oil is being produced here than there was three years ago, virtually all of this production has occurred on private lands. The fact remains that this Administration has restricted exploration and production off shore and on public lands to a far greater extent than any previous Administration and has continued to do so in the face of court orders from Federal Justices, a lawless act that he has yet to be held accountable for.

Cut the crap Mr. President. Stop playing games with the numbers and stop ignoring the courts when they issue a direct order.

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