Fact: Obama constantly refers to this statistic to buttress his claim that “we can’t drill our way to lower gas prices.” The argument goes that since the U.S. supply is limited, it won’t ever make a difference to world prices.
It’s bogus. New exploration and drilling technologies have uncovered vast amounts of recoverable oil.
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.”