Yesterday Investors.com posted its fact check on President Obama’s recent energy speech. They noted five lies and posted the relevant facts.
Here is the summary:
1. The President claimed that he was focused on production. Actually, the current increase in production is due to the actions of the Bush Administration before President Obama took office. President Obama has closed down exploration and slowed down the issuing of permits for offshore drilling.
2. The President stated that America has 2 percent of the world’s oil reserves, but consumes more that one fifth of the world’s oil. Actually, the U.S. has a mind-boggling 1.4 trillion barrels of oil, enough to “fuel the present needs in the U.S. for around 250 years,” according to the Institute for Energy Research. The problem is the government has put most of this supply off limits.
3. The President stated, “Because of the investments we’ve made, the use of clean, renewable energy in this country has nearly doubled.” According to the Federal Energy Information Administration (EIA), production of renewable energy increased 12% between 2008 and 2011.
4. The President stated, “We need to double-down on a clean energy industry that’s never been more promising.” According to the EIA, renewable energy will account for just 13% of U.S. energy production by 2035.
5. The President stated, “There are no short-term silver bullets when it comes to gas prices.”
The article reminds us:
Obama could drive down oil prices right now simply by announcing a more aggressive effort to boost domestic supplies. When President Bush lifted a moratorium in 2008, oil prices immediately fell $9 a barrel.
President Obama’s nose is growing.