Obama Must Be Doing Something Right About Energy and Drilling For Oil

[Rowdy01]

Top Oil-Producing Country Intends to Focus '100 Percent' On Renewable Energy

Prince says move 'very good for the world'

The U.S. is poised to become the world's top oil-producing country next year, according to estimates. (Flickr).

Saudi Arabia is the world's top producer of oil, extracting approximately 11.6 million barrels every day. The oil takes care of approximately two-thirds of the kingdom's own energy needs and is the lynchpin of the country's lucrative exports.

So how is the oil-rich country planning for its energy needs in the future? By focusing on renewable energy.

Earlier this week, Prince Turki Al Faisal Al Saud, a top spokesperson for Saudi Arabia, said that Saudi Arabia intends to generate 100 percent of its power from renewable sources, such as nuclear, solar, and low-carbon energies.

"Oil is more precious for us underground than as a fuel source," said the prince, whose country holds approximately 20 percent of the world's oil reserves, according to the International Energy Agency. "If we can get to the point where we can replace fossil fuels and use oil to produce other products that are useful, that would be very good for the world."

In related news, the U.S. is giving Saudi Arabia a run for the title of world's top oil-producing country, a boom that has left many experts surprised.

U.S. production of oil is on pace to rise 7 percent this year to a daily average of 10.9 million barrels. The Energy Department forecasts that production will continue its rise and average 11.4 million barrels per day in 2013.

"Five years ago, if I or anyone had predicted today's production growth, people who have thought we were crazy," Jim Burkhard, the head of joil markets research at IHS CERA tells The Huffington Post.

Should the projections hold, the U.S. will supplant Russia as the world's second-largest oil producer. Here's a look at the world's top oil-producing countries, according to Central Intelligence Agency statistics:

1. Saudi Arabia 11.6 million barrels per day

2. United States 10.9 million barrels per day

3. Russia 10.3 million

4. Iran 4.2 million (estimated)

5. China 4 million

LINK: http://autos.aol.com/article/Saudi-Arabia-gas-prices-oil-renewable-energy/?icid=maing-grid7%7Cmain5%7Cdl9%7Csec1_lnk2%26pLid%3D225998

[DinarMillionaire]

Production is rising --not because of President Obama, but in spite of him.

He deserves no credit, no matter how many lies he tells.

On federal land, the area where the president has control, production in the Gulf of Mexico is down 30 percent. Lease sales in Rocky Mountains on federal lands are down 70 percent.

The president has put 85 percent of the outer continental shelf off limits and overall, is only making 3 percent of the areas under his control available for development.

Nevertheless, steadily rising gas prices are a political liability. That's why the president now takes credit for the results of policies he ran against in 2008.

The president initially wanted to drive up oil prices to make renewable energy more attractive.

His cap and trade plan was too harsh even for Democratic allies and failed. Nevertheless, Obama still seems to deny that drilling would reduce prices.

"You know there are no quick fixes to this problem, and you know we can't just drill our way to lower gas prices," he said at a speech in Florida."

Exploration and development do take years. But analysts argue the administration can't now take credit for decisions about drilling made years ago by President Bush and his predecessors.

That production is a direct result of leases issued before this administration and as result of development on private and state lands.

On private lands, oil production is booming. In North Dakota, the oil and gas are on private or state land and beyond the president's control.

[Rockymtnhi]

DinarMillionaire has it exactly right. The uninformed believe what BO says but in actuallity he curtailed govt land leases for oil drilling and it was the private sector on private land that has produced this great surge in oil production.

When will people learn to look past what he says and find out the facts.

[thecariceman06]

Obama has done nothing for the USA. I am ashamed to have such a poor president running the country. He has expanded our debt to an extremely high level in four years. If he is voted back in, I plan to leave the USA. Obama is nothing but a fake and liar. He has followed through with nothing he has promised. If people want to vote a man in office because of his ethnicity and not what he does for our country you should be ashamed.

[simple]

WASHINGTON, DC, Mar. 2

03/02/2012

By Nick Snow

OGJ Washington Editor

US President Barack Obama said for the first time that policies in George W. Bush’s administration, as well as during his own, led to more domestic crude oil production. But he also repeated his call for Congress to end what he considers tax subsidies for the oil industry in a Mar. 1 speech in New Hampshire.

“One of the reasons our dependence on foreign oil is down is because of policies put in place by our administration, but also our predecessor’s administration,” he told an audience at Nashua Community College.

“And whoever succeeds me is going to have to keep it up,” he continued. “This is not going to be solved by one party; it's not going to be solved by one administration; it's not going to be solved by slogans; it's not going to be solved by phony rhetoric. It's going to be solved by a sustained, all-of-the-above energy strategy.”

[cris]

Production is rising --not because of President Obama, but in spite of him.

He deserves no credit, no matter how many lies he tells.

His cap and trade plan was too harsh even for Democratic allies and failed. Nevertheless, Obama still seems to deny that drilling would reduce prices.

"You know there are no quick fixes to this problem, and you know we can't just drill our way to lower gas prices," he said at a speech in Florida."

The problem is, there are no quick fixes for a poor leader

with the intent of destroying our Country....Weve been waiting 4 years

[Captjohn]

Obama's regime has cut issued licenses on GOVT lands by 50% since he took office. The growth that is being reported (and that he tried to take credit for in the debates) is on PRIVATE lands -beyond his control. Wait until Romney is elected and he unleashes drilling and expansion on GOVT lands. The U.S. will see a boom like never before. (and I'm sure Obama will take credit for it......what a putz.)

[simple]

WASHINGTON, DC, Mar. 2

03/02/2012

By Nick Snow

OGJ Washington Editor

US President Barack Obama said for the first time that policies in George W. Bush’s administration, as well as during his own, led to more domestic crude oil production. But he also repeated his call for Congress to end what he considers tax subsidies for the oil industry in a Mar. 1 speech in New Hampshire.

Negs, how silly, just showing Obama admits it's Bush policies.

[DaveH]

Who appoints the secretary of energy? right obama. no chance the numbers are being fudged? no, no way.

I still cant believe no one is talking about the first nuke plant being built in 30 years? why is that? that nuke plant is obama approved, oh and it is a federal, union, job site. hmmm imagine if Bush had approved such a project, the enviro nazis would be screaming!