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

I was raised around the oilfields of West Texas, South Louisiana and Oklahoma. This is a subject I am all too familiar with, so, let’s get down and dirty and talk about OIL!

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.

Full Story Here:
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.

Full Story Here:
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!

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

  1. extex_cop says:

    Now…when and if the tree huggers will let us drill for that oil…and group of moonbats will keep us from building more and NEWER oil refineries. The oil is there…the technology is there…and when we are freed from the bonds of Liberal tree hugging pukes….we will have the cheapest and cleanest burning gas in the world.

    At that time those camel jocks can try eating their oil instead of our farm grains.

  2. GM Roper says:

    Fred, I think you’ve underestimated the total fossil fuels. Your report completely ignores the methane put out by Democrats in their various gaseous bloviatings. Come on Fred, I expect accuracy at The Texas Fred Blog. :D

  3. TexasFred says:

    GM — If bullshit was valuable, ALL Dems would be rich… :?

    I left out the Democratic BS because I didn’t want to skew the facts… :P

    Dems, for the most part, are a renewable resource that needs to go dormant, or extinct… :twisted:

  4. BobF says:

    In the not too distant future, Americans are going to realize that these environmentalists are the reason for the majority of their economic problems. Environmentalists have not only hamstrung this nations oil production, they’re also driven industry overseas.

    Obama wants to bring this nation down to the level of the third world hellholes he grew up in.

  5. dinosaur863 says:

    I’ts about time people really started hammering both parties about this crap - we’re (borrowing $$ then) loaning money to other countries to do offshore drilling, when we can’t do it in our own waters, we can’t drill in Anwar, our anywhere else…. that would upset enviormentalists…….there has gotta be a really improtant reason why they do not want America free of dependence on foreign oil?

    ps; brings to mind why a intelligent person would spend millions to get elected to Congress …a job that pays what $150k a year? We’re are missing some important issues here folks!

  6. Bloviating Zeppelin says:

    Thanks for the info Fred but I’m going to be blunt: I’m going to steal this (as I didn’t know about the report) and perhaps put a little of my own spin on it. But, if true, this is an abrogation at the highest level, the very highest level — bordering on genocide. . .

    So, the true question becomes: do you believe this is true?


  7. TexasFred says:

    BZ — I NEVER post ANYTHING I don’t believe as TRUE and have sourced to reputable sources…

    I am surprised that you, of ALL people, would question it…

  8. Bloviating Zeppelin says:

    I only check because the implications of this are — I don’t quite know how to frame this — beyond and beyond staggering.

    It’s not necessarily a doubt, Fred, it’s perhaps my trying take it all in. . .

    Again, because of the extended implications. . .

    This is going to take me a few hours to totally digest.


  9. TexasFred says:

    BZ — We have been lied to for years about oil and it’s abundance…

    Early mid 70′s, Vietnam was ratcheting down, the military was using less fuel than they had in years, and that was a huge chunk of oil…

    Now I don’t know how it was where you were, but in Texas and Louisiana we had refineries going at FULL capacity 24/7/365…

    We had drilling going full blast all over La, Tx and Ok… Every storage tank was FULL, refineries had nowhere to put the oil that was being produced and seagoing tankers were lined up in the Gulf of Mexico waiting for a slot so they could unload their Arab oil…

    This was about the same time that we had gas lines, LONG gas line, we had shortages and HIGH prices, and the nation was paralyzed…

    In oil producing states we were shaking our heads because we KNEW we were being fed lies…

    It was then as it is now, all about the money…

    Take your time on the *digestion* thing, I DO understand, it took me a full day to write this one I was so astounded…

  10. Steve Dennis says:

    The fact that we are sitting on all of this oil and could end our dependecy on foreign oil if we only used what is naturally available to us seems to be criminal to me. We are shooting ourselves in the foot and we are doing so under the pretense that this is what is best for the earth. This is enough to make a person’s blood boil!

  11. jrfoleyjr says:

    Fred, we need to look at who is looking to cash in on domestic oil once the price has been pushed up to astronomical levels. Who owns the mineral rights where the oil is?

    This is one of those “follow the money” cases I think. Who are the money backers of the neo-com democrats. Answer this and we will know who is wringing us dry. Does Soros have oil investments?

    Someone is bending the people over and not giving us a reach-around.

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