Livingston Daily ^ | 10:02 PM, May. 4, 2011 | Randy Kniebes
Posted on Thursday, May 05, 2011 1:10:41 PM by BenLurkin
Steven Chu, Obama's energy secretary, has called for higher and higher gas prices to force citizens to buy more fuel-efficient vehicles and live closer to work. "Somehow, we have to figure out how to boost the price of gasoline to the levels in Europe," Mr. Chu was quoted as promising. By the way, Mr. Chu's goal would equate to $7-$8 per gallon.
Sure enough, the Obama administration has slowed down or stopped the future development of most of the vast U.S. energy reserves, onshore, offshore and in Alaska.
That is despite the fact that the United States' oil shale deposits, primarily in Colorado, Wyoming and Utah, are tremendous, more than three times larger than the proven oil reserves of Saudi Arabia.
The U.S. Geological Society estimates that Arctic Alaska has technically recoverable resources of approximately 30 billion barrels of oil, 6 billion barrels of natural-gas liquids, and 221 trillion cubic feet of conventional natural gas.
Furthermore, the outer continental shelf of the United States is estimated to contain 86 billion barrels of oil and 420 trillion cubic feet of natural gas.
As President Barack Obama joked while speaking at a foreign-owned wind-turbine plant in Pennsylvania, "If you're complaining about the price of gas and you're only getting 8 miles a gallon, you know — you might want to think about a trade-in."
(Excerpt) Read more at livingstondaily.com ...
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