'The 5 biggest whoppers in Obama's energy speech'

Rick Moran
Investors Business Daily listened to Obama's energy speech so you didn't have to and picked out the top 5 lies told by the president about his energy policy:

"We're focused on production."

Fact: Obama has chosen almost always to limit production. He canceled leases on federal lands in Utah, suspended them in Montana, delayed them in Colorado and Utah, and canceled lease sales off the Virginia coast.

"The U.S. consumes more than a fifth of the world's oil. But we only have 2% of the world's oil reserves."

In fact, the U.S. has a mind-boggling 1.4 trillion barrels of oil, enough to "fuel the present needs in the U.S. for around 250 years," according to the Institute for Energy Research. The problem is the government has put most of this supply off limits.

"Because of the investments we've made, the use of clean, renewable energy in this country has nearly doubled."

Fact: Production of renewable energy - biomass, wind, solar and the like - climbed just 12% between 2008 and 2011, according to the federal Energy Information Administration.

We need to double-down on a clean energy industry that's never been more promising."

Fact: Renewable energy simply won't play an important role in the country's energy picture anytime soon, accounting for just 13% of U.S. energy production by 2035, according to the EIA.

"There are no short-term silver bullets when it comes to gas prices."

Fact: Obama could drive down oil prices right now simply by announcing a more aggressive effort to boost domestic supplies. When President Bush lifted a moratorium in 2008, oil prices immediately fell $9 a barrel.

The president has stressed natural gas and nuclear power - but in a half hearted, political sort of way. What's needed is something that Obama has failed to show for his entire presidency - leadership.

Gas prices are rising and will hit $4 a gallon soon. Obama's lack of leadership on energy will cost us dearly in the coming months.






Investors Business Daily listened to Obama's energy speech so you didn't have to and picked out the top 5 lies told by the president about his energy policy:

"We're focused on production."

Fact: Obama has chosen almost always to limit production. He canceled leases on federal lands in Utah, suspended them in Montana, delayed them in Colorado and Utah, and canceled lease sales off the Virginia coast.

"The U.S. consumes more than a fifth of the world's oil. But we only have 2% of the world's oil reserves."

In fact, the U.S. has a mind-boggling 1.4 trillion barrels of oil, enough to "fuel the present needs in the U.S. for around 250 years," according to the Institute for Energy Research. The problem is the government has put most of this supply off limits.

"Because of the investments we've made, the use of clean, renewable energy in this country has nearly doubled."

Fact: Production of renewable energy - biomass, wind, solar and the like - climbed just 12% between 2008 and 2011, according to the federal Energy Information Administration.

We need to double-down on a clean energy industry that's never been more promising."

Fact: Renewable energy simply won't play an important role in the country's energy picture anytime soon, accounting for just 13% of U.S. energy production by 2035, according to the EIA.

"There are no short-term silver bullets when it comes to gas prices."

Fact: Obama could drive down oil prices right now simply by announcing a more aggressive effort to boost domestic supplies. When President Bush lifted a moratorium in 2008, oil prices immediately fell $9 a barrel.

The president has stressed natural gas and nuclear power - but in a half hearted, political sort of way. What's needed is something that Obama has failed to show for his entire presidency - leadership.

Gas prices are rising and will hit $4 a gallon soon. Obama's lack of leadership on energy will cost us dearly in the coming months.