IBD Editorial ^ | April 1, 2011 | DONALD J. BOUDREAUX
Posted on Friday, April 01, 2011 7:48:56 PM by Kaslin
With Japan's nuclear crisis and a wave of instability crossing the Middle East, pols and pundits are turning again to the question of our energy future. Will civil war and strife disrupt access to oil and our way of life? Can the United States change its century-old pattern of relying heavily upon petroleum?
People will reach different answers to these questions and draw different conclusions about what to do. It would be helpful, however, if everyone could get the factual premises right.
Unfortunately, one thing all too many observers have in common is an erroneous understanding of what the term "proven oil reserves" means. The myths surrounding this oft-cited figure are pervasive. And there's no way to have a realistic conversation about energy without getting facts and definitions straight.
Republicans for Environmental Protection is just one of many so-called expert groups that gets it wrong.
"The notion that the U.S., which sits atop less than 3% of the world's proven oil reserves, can drill enough oil to drive down prices if the flow is interrupted from a region with 64% of the world's reserves is a pipe dream," David Jenkins, a vice president, recently wrote.
He argued that supporters of drilling "all neglect to mention that the U.S. is already disproportionately depleting its scant 3% reserves to produce 8% of current global production."
(Excerpt) Read more at investors.com ...
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