There is a major difference between the supply of oil that, given current prices and technology, is economically practical to extract, and the finite physical supply of oil ultimately available. By some estimates, the United States is sitting on well over two trillions barrels of crude oil, enough to meet our current demand for automobile, aircraft, industrial, and heating fuel for 300 years.
In his recent op-ed, Oklahoma Senator James Inhofe detailed the non-partisan Congressional Research Service’s conclusion that America has the planet’s largest combined supply of oil, coal, and natural gas. Despite President Obama’s insistence that an immediate, government-mandated, farcical green-revolution is our only viable option, tapping into these reserves will create jobs and strengthen the economy. As more Americans feel the pain at the pump and begin to favor increased domestic drilling, how long can his strategy remain politically profitable?
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