Obama's Real Energy Policy

By Matt Holzmann

Congresswoman Michele Bachmann recently promised $2/gallon gas at one of her campaign functions, and a researcher affiliated with NASA reported that aliens may destroy humanity to save the planet. Which statement is farther off the wall? Let's set the stage with the facts. Last week, the Obama administration found itself in a legal battle with Exxon over the largest find in the company's history, a field of over 1 billion barrels off the coast of Louisiana. This represents 5% of total U.S. oil reserves and there's supposed to be a lot more out there. The Marcellus Shale field in New York, Pennsylvania, Ohio, and Maryland contains between 160 and 500 trillion cubic feet of natural gas. Out in North Dakota, Montana, and Saskatchewan, the Bakken deposit is estimated to contain from 10-40 billion barrels of oil equivalent according to industry experts. This doesn't include large deposits in Colorado, Wyoming, and elsewhere. Even if Bakken comes in at the low end it, represents another 40-50% increase in onshore American oil reserves. In the meantime, the oil companies drilling in the Gulf of Mexico are.... (Read Full Article)