Also in this playlist...
This transcript is automatically generated
Gas prices shot up at quite a bit recently as you might know the United States.
Consumes more than a fifth of the world's oil more than 20% of the world's oil.
We only have 2% of the world's oil reserves we consume twenty and this of course I believe the close.
For Barack Obama -- -- to I have that right guys in the control room.
Aren't so let's move on.
Gas prices shot up eighteen cents on average nationwide over the past two weeks that's according to the latest Lundberg survey.
That -- the average cost of regular gas at three dollars and 69 cents a gallon.
Of course many of you around the country are already paying more than four dollars President Obama members of his administration.
Democrats in congress and his allies on the left all make the same case they say.
We can't drill our way out of the problem.
They say we use a quarter of the world's oil but only have 2% of the world's oil reserves.
So let's do the math they say it's impossible here at the president repeating that party line over and over.
Only 2% of the world's oil reserves.
Oil isn't enough the United States consumes more than a fit.
Of the world -- more than 20% of world's oil just us we only have 2% of the world's oil reserves.
We consume each morning we've got -- We consume more than 20% of the world's oil would have less than 2% of the world's oil reserves.
Here's -- gets that mythical 2% for simplicity we'll call it Obama's big oil lie because that's what it is.
They're only counting proven oil reserves.
The truth is that 2% oil reserves figure is what the government says it has.
Here's the official definition from the nonpartisan congressional research service they say.
Proven reserves are certainly certainly to -- recoverable.
In future years from known -- are wars under existing economic and operating conditions now the key -- there existing conditions.
The US has around twenty billion barrels in proven reserves but the amount undiscovered so called technically recoverable oil.
Is over seven times that those -- the government's own figures and we can we get that oil using today's technology.
In fact the US nearly -- nearly one and a half trillion barrels of oil.
That's enough to fuel the present needs in the US for around 250 years that's according to the institute for energy research.
Listen to the former president of Shell Oil on FBN earlier today on how we could easily get back to producing ten million barrels today.
The best source for new oil is the world's largest consumer economy this country.
We could go back to ten million barrels if we have the permitting.
That would enable it to happen we have the oil so there is more oil in this country that we're not allowed to get that.
Then oil were allowed to get -- But much of that oil is off limits thanks to the policies of the president.
The outer continental shelf.
The Arctic National Wildlife Reserve and -- And shale oil where the United States has the largest deposits in the world estimated by the government to be over two trillion barrels.
Look even when the production is not in this country the president will do anything he -- to stop -- like blocking the Keystone Pipeline.
Also what the president is refusing to acknowledge is the United States is in the middle of an oil boom.
Thanks to new technology like deep water drilling in the Gulf of Mexico fracking.
So the president needs to stop with the 2% -- Solutions are right in front of us but this administration flatly refuses to explore them.
Filter by section