Do you remember this line that president Obama used over and over again during his first term and during the 2012 election campaign:
“As a country that has 2 percent of the world's oil reserves, but uses 20 percent of the world's oil — I'm going to repeat that — we've got 2 percent of the world oil reserves; we use 20 percent. What that means is, as much as we're doing to increase oil production, we're not going to be able to just drill our way out of the problem of high gas prices. Anybody who tells you otherwise either doesn’t know what they’re talking about or they aren’t telling you the truth.”
— President Obama, speech in North Carolina, March 7, 2012
This was Obama's way of trying to stop increased drilling in America. It wouldn't do any good; we just did not have enough oil. Obama's claim, however, was just another of the big lies of the sort that Jonathan Gruber has discussed in connection with Obamacare. America did not have only 2% of the world reserves; that was a major distortion, and Obama knew it. The real truth is that with the big advancement in drilling that has come from fracking, America now has the largest oil reserves in the world. So, instead of having 2% of oil and using 20%, we actually have more oil than any other country in the world, and those reserves are soaring as more and more oil becomes available due to fracking.
Obama said we could not "drill our way out of the problem of high gas prices." Since the start of the year, oil prices have fallen by about one-third, and the price of gasoline is at its lowest level since the dark days of the recession in 2009. In other words, we drilled our way out fo the problem of high gas prices.
This big lie by Obama has gotten no attention in the media, but it ought to. After all, what can Obama say? Most likely, Obama will claim that he just learned that the USA had more reserves than he thought and his mad as hell he was not told and is going to investigate.
“As a country that has 2 percent of the world's oil reserves, but uses 20 percent of the world's oil — I'm going to repeat that — we've got 2 percent of the world oil reserves; we use 20 percent. What that means is, as much as we're doing to increase oil production, we're not going to be able to just drill our way out of the problem of high gas prices. Anybody who tells you otherwise either doesn’t know what they’re talking about or they aren’t telling you the truth.”
— President Obama, speech in North Carolina, March 7, 2012
This was Obama's way of trying to stop increased drilling in America. It wouldn't do any good; we just did not have enough oil. Obama's claim, however, was just another of the big lies of the sort that Jonathan Gruber has discussed in connection with Obamacare. America did not have only 2% of the world reserves; that was a major distortion, and Obama knew it. The real truth is that with the big advancement in drilling that has come from fracking, America now has the largest oil reserves in the world. So, instead of having 2% of oil and using 20%, we actually have more oil than any other country in the world, and those reserves are soaring as more and more oil becomes available due to fracking.
Obama said we could not "drill our way out of the problem of high gas prices." Since the start of the year, oil prices have fallen by about one-third, and the price of gasoline is at its lowest level since the dark days of the recession in 2009. In other words, we drilled our way out fo the problem of high gas prices.
This big lie by Obama has gotten no attention in the media, but it ought to. After all, what can Obama say? Most likely, Obama will claim that he just learned that the USA had more reserves than he thought and his mad as hell he was not told and is going to investigate.
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