Gas Prices Doubled, Obama Locks up National Reserve

October 23, 2012

The president openly talks about how open our reserves are to oil production and how much the production on those lands is going up.  However, the land is increasingly locked up and the land that is available is unproductive or undesirable.  The president and his administration work very hard to satisfy environmentalists by creating road blocks for oil companies in places such as Alaska.  At the same time, the president is opening up other reserve lands for alternative energy projects such as commercial-scale solar, says Investor's Business Daily.

The facts:

  • The price of gasoline was $1.84 a gallon when President Obama took office and has now more than doubled.
  • The vast oil reserves of North America are larger than OPEC's reserves.
  • In August, the administration closed off 23.5 million acres of the most productive areas of the National Petroleum Reserve in Alaska.
  • Alaska's entire congressional delegation is strongly against the administration's decision to block off the 23.5 million acres.
  • So far, only one oil company has said that it will go after the strategic reserve in Alaska, which holds 2.7 billion barrels of oil and 114.36 cubic feet of natural gas.

Source: "Gas Prices Doubled, Obama Locks up National Reserve," Investor's Business Daily, October 16, 2012.

 

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