![]() But any added oil could ultimately diminish dependence on imports, now almost 60 percent of U.S. Its economic viability remains uncertain. Extracting oil from shale (in effect, a rock) requires heating the shale and poses major environmental problems. Oil and gas must still be located - a costly and chancy process. None of these sources, of course, will quickly provide oil or natural gas. If only 800 billion barrels were recoverable, that would be triple Saudi Arabia's proven reserves. And there's upward of 2 trillion barrels of oil shale, concentrated in Colorado. Geological Survey recently estimated that the Bakken formation in North Dakota and Montana may hold 3.65 billion barrels, more than 20 times a 1995 estimate. The outer continental shelf (OCS), including parts that have been off-limits to drilling since the early 1980s, may contain much natural gas and 86 billion barrels of oil, about four times today's "proven" U.S. Almost everyone loves to hate the world's Exxons, but promoting domestic drilling is simply common sense.Ĭontrary to popular wisdom, the United States still has huge oil and natural gas resources. The administration is biased against them - a bias that makes no sense on either economic or energy grounds. The trouble is that there's one glaring exception to their claims: the oil and natural gas industries. And so it is, say the president and his supporters. Considering the brutal recession, you'd expect the Obama administration to be obsessed with creating jobs.
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