“We Can’t Drill Our Way to Cheaper Oil Prices” Myth Destroyed
For many years the lying liberals have tried to halt the drilling for oil using the tired old propaganda that “We Can’t Drill Our Way to Cheaper Gas Prices” myth. The truth is we can and we have. While Obama has busied himself trying to stop drilling for oil and gas, the private sector has found rich oil fields on private land that Obama is unable to touch. Primarily the Bakken Oil Formation in North Dakota and fracking in Texas has created a glut of oil. And guess what? The price is dropping.
Back in July of 2013, I wrote that OPEC was getting worried about the success of America’s fracking industry. So worried that Prince Alwaleed bin Talel warned his countrymen in Saudi Arabia that they must find something new to drive the economy. Liberals have claimed that if we drilled for more oil OPEC would merely produce less oil. Not only was that a lie but it also shows a complete misunderstanding of economics. While cutting production to keep oil prices high sounds good in theory, the fact is these countries could not afford to do that as the government would not have the money to operate.
When Ronald Reagan took office, oil prices were 38 dollars a barrel as I wrote in June of 2012 and by time he left office, oil was at 14 dollars a barrel. How did he do it? By turning the oil companies loose and allow them to produce more oil. OPEC took notice and began dumping oil on the market to discourage Americans drilling for their own oil. That is precisely what they are doing today. OPEC has decided to continue drilling at the same level. Reagan’s scaring of OPEC led to a long period of oil price stability. In fact, oil did not reach the Carter price levels again until 2004 or 26 years after Reagan left office.
What’s really scary for OPEC is the fact that we have massive oil fields in Alaska and California that have yet to be tapped thanks to government interference. Then we have Big Momma. The Green River Oil Formation out west contains more oil than the rest of proven reserves in the world…..combined!!!! The field contains 3 trillion barrels of oil (Half of which is recoverable with today’s technology) and if you compare that to the Bakken Oil Formation’s 3.5 billion barrels of oil, you can see just what kind of massive oil reserves we own.
Unfortunately, we can only drill in a very limited area because right after Obama was reelected, one of his first acts was to make 75% of the Green River Formation off limits for drilling. The good news is that Obama did that by presidential fiat, which means it can be reversed even without congress.
Drill, Baby, Drill!!!
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