Quote:
Originally Posted by Fundguy1
I said reserves, not production. We have 40% of the world's oil reserves. An oil reserve is oil thats there that you can get. When Obama closed federal lands down, he took away 32% of the world's oil reserves. Prices went up making fracking and tar sands economically viable, and although we now had 8% instead of 40% of the world's oil reserves, our production increased. Fracking and tar sands brought prices down much to the consternation of Obama as he wanted $4 a gallon to push his climate change agenda but now it was back to $2 and from fracking which the left hates.
Your sights you list are correct but do not apply. Supply is how much is out of the ground. We are awash in supply. Production is how fast it is coming out. Two totally different things.
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Not following your numbers. The U.S. has 40% of the world's oil supply but Obama took away 32% of the world's oil supply so he took what was available from 40% to 8%? 32% is on federal land and only 8% on private? Interested in seeing a source.
Then he did all of this as the U.S. increased production well over 50%.