Tags: Barack Obama | Obama | energy | myth | gas

Obama Promotes 'Myth' of Scarce Energy, Research Institute Says

Wednesday, 14 Mar 2012 01:30 PM

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President Barack Obama’s assessment of America’s energy diet was gloomier than the facts dictate, experts contend. And the president’s failure to present the full picture was a move to “keep the myth of energy scarcity alive,” according to the Institute for Energy Research.

For example, Obama was “right — to a point” during an energy address last weekend, CNSNews.com quotes an institute report as saying.

In the address, the president said that, since he took office, American oil production has reached an eight-year high, the number of operating oil rigs has been quadrupled, and millions of acres have been opened up for drilling.

But with only 2 percent of the world’s oil reserves, “we can’t just drill our way to lower gas prices — not when we consume 20 percent of the world’s oil,” he said. Less dependence on foreign oil and alternative energy sources are needed, he said.

In an email to CNSNews.com, the Institute for Energy Research said that, “in classic fashion,” Obama was “using a technicality to skirt the facts and keep the myth of energy scarcity alive. The reality is that the U.S. has enough recoverable oil for the next 200 years, despite only having 2 percent of the world’s current proven oil reserves.”

Obama’s citing of America’s 2 percent portion is “akin to saying that the only gasoline we will have is that which is in our tanks,” said the Washington, D.C.-based energy group. “The president should know better, and if he does not, his secretaries of Energy and Interior should tell him.”

Obama also failed to mention technically recoverable oil — reserves that are known about but which can’t be tapped because of government regulations, the institute said. “Proven oil reserves are not all of our oil resources — not even close,” the institute told CNSNews.

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