- Of the oil and gas reserves on public lands (both On and Offshore), 83% of gas reserves and 79% of oil reserves are ALREADY AVAILABLE FOR DRILLING. Do you imagine that less than 20% of the US’s rather small reserves is going to turn around the price of oil GLOBALLY?

- Of the area CURRENTLY, ALREADY AVAILABLE for oil and gas development, only 26% is in production. If the oil companies need more access to oil so badly, why aren’t they producing off the 74% of leasable lands they ALREADY have access to?

- Additionally, the Minerals Management Service (the organization charged with, ya know, managing minerals on federal lands) says that even if 100% of reserves were put into production, starting tomorrow, by the time they were at peak output (sometime in the 2020s), we could expect a 75 cent reduction in the cost of a barrel of oil. In today’s price, that means we’d pay $107.25 rather than $108 a barrel. You think that’s going to save the middle class? Get real.

resourcescommittee.house.gov/images/stor
ies/Documents/truth_about_americas_energ
y.pdf

Wake up, people. We started trying to drill our way out of this probelm 8 years ago. How’s that working for you so far? Horribly. The reason oil is dropping right now is because speculators are no longer willing to bet on worldwide demand in the face of a recession. The US demands more oil per dollar of GDP created than any other rich country economy. We’re more addicted than anyone. The MOMENT oil hits a lower tipping point, consumption will renew, the economy will rebound for a couple months, then be buffeted by high oil prices again.

Welcome to the new energy reality. If the US economy rebounds due to cheap oil powered by slack demand, we will go back to buying Chinese products and Indian services. Those economies will also rebound and follow our consumptive example. Demand will spike again, and we’re back in the same vicious cycle.

WAKE UP! Drilling more will NOT WORK.

You think the price of oil dropped because of “anticipated” drop in demand? Price of oil dropped $50 bucks because real demand dropped due to slowing economy and because speculators stopped buying futures in oil.

The true permanent solution is to convert our economy to a greener energy economy which will drive oil prices down as we change our habit of driving gas guzzling cars to newer clean green cars. Even GM is finally coming around to this reality and will be introducing the Chevy VOLT which is a electric car with a range of 40 miles on electricity alone and supplemented by gasoline engine which will recharge the batter if the trip is greater than 40 miles per gallon.

Real drop in demand is the true path to lower oil prices. You cannot produce enough oil or produce it fast enough to make a dent in the price of oil for at least the next 10 years. It may never happen. We currently produce 3% of world’s oil. Even if you can double our current production which none of the experts believe we can actually double our production anytime soon. It would still be a tiny 6% of the world’s production in oil.

If you want a real solution check out. One of your oil guys has woken up to reality

http://www.pickensplan.com/index.php