New report says U.S. has largest fossil fuel reserves in world

New report says U.S. has largest fossil fuel reserves in world

Senators James Inhofe of Oklahoma, Ranking Member of the Environment and Public Works Committee and Lisa Murkowski of Alaska, Ranking Member of the Environment and Natural Resources Committee, will release a report Thursday from the Congressional Research Service (CRS) showing that the United States’ combined recoverable natural gas, oil and coal endowment is the largest on Earth.

Russia comes in as a close second with recoverable fossil fuel reserves, followed Saudi Arabia, China, Iran and Canada.

According to the new report, an updated version of a 2009 paper, the United States’ resources are larger than Saudi Arabia, China and Canada, combined. The report estimates that the U.S. has 163 billion barrels of recoverable oil and enough natural gas to meet the country’s demand for 90 years.

The CRS report is being made public at a time when oil and gas prices are skyrocketing and the Department of Interior is embroiled in a battle with oil companies over offshore drilling. Last week, Interior Secretary Ken Salazar and Michael Bromwich, Director of the Bureau of Ocean Energy Management, Regulation and Enforcement, appealed a court decision that ordered them to act on five pending drilling permits.

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New report says U.S. has largest fossil fuel reserves in world

Yet WE rely on the Muslim world for most of OUR oil. We are held hostage and are subject to any whim or political shift the Arab world wants to force upon us.

It appears that Obama, his fellow Muslims, and the assorted moonbats and tree huggers are good with it too. All I can figure is, these tree hugger types MUST make a lot of money, they don’t seem to care how expensive oil gets and what that expense does to the U.S. financial markets and the manufacturing segment that relies on oil for a lot more than just gasoline.

Moreover, earlier this week it was reported that President Obama is considering tapping into the Strategic Petroleum Reserve as a response the rising gas prices. On Monday, the national average for a gallon of gas was $3.51 – up 39 cents since the unrest in Libya began in mid-February.

I have stated this before, and will likely state it on many other occasions, but once again I am compelled to point out that Barack Hussein Obama is an America hating MORON and it does appear that he is dead set on destroying this nation in any way possible.

The rising cost of oil is putting immense pressure on the White House to act. And Obama, said White House Press Secretary Jay Carney is “very cognizant of the fact that Americans are experiencing a sharp rise in prices at the gas pump that affects them and their family budgets.”

Obama isn’t cognizant of anything. Obama has NEVER had a real job, he’s never had to work for hours and days at a time to put food on the table or to keep a roof over the heads of his wife and kids. Obama has NO idea what WE, The People are faced with on a daily basis, or what WE have to do to keep our homes and families together.

I hope the Democrats are happy with their Obamessiah, I hope they like having a community organizer leading the way. Hope and Change, and all that assorted BS.

From the Associated Press:

New drilling method opens vast oil fields in US

A new drilling technique is opening up vast fields of previously out-of-reach oil in the western United States, helping reverse a two-decade decline in domestic production of crude.

Companies are investing billions of dollars to get at oil deposits scattered across North Dakota, Colorado, Texas and California. By 2015, oil executives and analysts say, the new fields could yield as much as 2 million barrels of oil a day — more than the entire Gulf of Mexico produces now.

This new drilling is expected to raise U.S. production by at least 20 percent over the next five years. And within 10 years, it could help reduce oil imports by more than half, advancing a goal that has long eluded policymakers.

“That’s a significant contribution to energy security,” says Ed Morse, head of commodities research at Credit Suisse.

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New drilling method opens vast oil fields in US

Something else that I have long contended is this; we have the oil, more than enough oil to keep the USA swimming in oil for many generations to come.

I was hammering about oil, and the fact that WE have it back in September of 2008 when I posted this piece: Ever heard of the Bakken Oil Formation?.

1. Ever heard of the Bakken Formation?

The U. S. Geological Service issued a report in April (’08) that only scientists and oilmen/women knew was coming, but man was it big. It was a revised report (hadn’t been updated since ’95) on how much oil was in this area of the western 2/3 of North Dakota; western South Dakota; and extreme eastern Montana … check THIS out:

The Bakken is the largest domestic oil discovery since Alaska’s Prudhoe Bay, and has the potential to eliminate all American dependence on foreign oil. The Energy Information Administration (EIA) estimates it at 503 billion barrels. Even if just 10% of the oil is recoverable… at $107 a barrel, we’re looking at a resource base worth more than $5.3 trillion.

‘When I first briefed legislators on this, you could practically see their jaws hit the floor. They had no idea.’ says Terry Johnson, the Montana Legislature’s financial analyst.

‘This sizable find is now the highest-producing onshore oil field found in the past 56 years,’ reports The Pittsburgh Post Gazette. It’s a formation known as the Williston Basin , but is more commonly referred to as the ‘Bakken.’ And it stretches from Northern Montana, through North Dakota and into Canada . For years, U. S. oil exploration has been considered a dead end. Even the ‘Big Oil’ companies gave up searching for major oil wells decades ago. However, a recent technological breakthrough has opened up the Bakken’s massive reserves… and we now have access of up to 500 billion barrels. And because this is light, sweet oil, those billions of barrels will cost Americans just $16 PER BARREL!

That’s enough crude to fully fuel the American economy for 41 years straight.

2. [And if THAT didn't throw you on the floor, then this next one should - because it's from TWO YEARS AGO, people!]

U. S. Oil Discovery- Largest Reserve in the World! Stansberry Report Online – 4 /20/2006 Hidden 1,000 feet beneath the surface of the Rocky Mountains lies the largest untapped oil reserve in the world is more than 2 TRILLION barrels. On August 8, 2005 President Bush mandated its extraction.

They reported this stunning news: We have more oil inside our borders, than all the other proven reserves on earth. Here are the official estimates:

-8-times as much oil as Saudi Arabia
-18-times as much oil as Iraq
-21-times as much oil as Kuwait
-22-times as much oil as Iran
-500-times as much oil as Yemen – and it’s all right here in the Western United States.

HOW can this BE!? HOW can we NOT BE extracting this!? Because the democrats and leftwing republicans have blocked all efforts to help America become independent of foreign oil.

There is more on the post if you care to read it, but the crux of the matter is this, WE HAVE OIL, lots of oil, more oil than we can use.

So, someone please explain to me WHY we’re still importing expensive ARAB oil and paying nearly $4.00 a gallon for gasoline.

It’s a well known FACT that I am one Conservative that has little, if ANY use for Sarah Palin, but I always give credit where credit is due, she hit it on the head when she said, “Drill Baby Drill“…

Let’s hear YOUR ideas and thoughts!