Dumbo Obama

Repeating Rahmbo's Mumbo Jumbo, Dumbo Obama on energy. WSJ, "Obama's Dry Hole". It's all an eeevil conspiracy, you see, the oil companies have been holding out on us:

In other words, these whiz kids assume that every acre of every lease holds the same amount of oil and gas. Yet the existence of a lease does not guarantee that the geology holds recoverable resources. Brian Kennedy of the Institute for Energy Research quips that, using the same extrapolation, the 9.4 billion acres of the currently nonproducing moon should yield 654 million barrels of oil per day.

We need to drill here Dems--in the currently off-limits oil-shale areas, and in deepwater far offshore. WSJ:

Yet companies are not allowed to explore where the biggest prospects for oil and gas may exist – especially on the Outer Continental Shelf. Seven of the top 20 U.S. oil fields are now located in analogous deepwater areas (greater than 1,000 feet) in the Gulf of Mexico. In 2006, Chevron discovered what is likely to be the largest American oil find since Prudhoe, drilled in 7,000 feet of water and more than 20,000 feet under the sea floor. The Wilcox formation may have an upper end of 15 billion barrels of recoverable oil and should begin producing by 2014 – perhaps ushering in a new ultradeepwater frontier.

Likewise, in April, the U.S. Geological Survey revised its estimate for the Bakken Shale, underneath the badlands of North Dakota and Montana. The new assessment – as much as 4.3 billion barrels of oil – is a 25-fold increase over what the Survey believed in 1995. Such breakthroughs confirm that very large reserves exist, if only Congress would let business get at them.

Roll back the regulations, Democrats, that you are responsible for since the Carter administration-- strangling us with $4 a gallon and higher gas! Meanwhile, China and Cuba are poised to exploit oil reserves off our coast.

More evidence that the moon is not going yield a gusher, nor is it made of cheese.

Related post: McCain: Energy Security