US Passes Saudi Arabia In Oil Production

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OIL

America now produces more oil than Saudi Arabia!

In spite of the Obama Administration’s hostility to carbon-rich energy, private actors with private capital deployed on private (and state) land have launched a game-changing revolution in domestic oil and natural gas production.

A scarcely reported milestone conveys the magnitude of this turnaround in the global energy landscape.

The U.S. passed Saudi Arabia as the world’s largest petroleum producer in November 2012, according to recently released data of the federal Energy Information Administration.

Read the rest at Investors Business Daily (via Instapundit)

Can you imagine the effect on the global economy and balance of power if we had a political class that wasn’t infested with people who seem so dedicated to mitigating American success?

Think of how many social safety net programs could be soundly funded if our economy were unleashed and our debt paid down.

Of equal if not greater importance, if the American petroleum industry were unshackled from their progressive masters, and allowed to fully exploit our nation’s natural and apparently abundant resources, the current funding model for Jihad would quickly be disrupted in a very meaningful way, significantly eroding their ability to project their murderous reach.

It has to make you wonder, why would anyone be so against something that would probably put an end to our current endless war and pending economic disaster?

Gateway Pundit

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Why Is The Obama Administration Allowing The Chinese Government To Buy Up U.S. Oil And Gas Deposits

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If we are trying to become independent of foreign oil, then why is the Obama administration allowing the Chinese government to buy up U.S. oil and gas deposits worth billions of dollars?


This makes absolutely no sense whatsoever.  The United States desperately needs to maintain control over its own domestic energy resources so that we can end our addiction to foreign oil.  As I have written about previously, the United States actually has plenty of oil.  If we would simply use the resources that we already have, we would never have to import a single drop of foreign oil.  But instead, we continue to be the largest importer of oil on the planet and we are allowing China to rapidly buy up oil and gas deposits inside the United States.  This is fundamentally wrong and it is a serious threat to our national security.  But apparently everything is for sale in the United States today, and that includes our precious energy resources.

The Chinese government is using two giant corporations to buy up these energy resources.

The first is the China National Offshore Oil Corporation (CNOOC).  According to Wikipedia, this corporation is 100 percent owned by the Chinese government….

CNOOC Group is a state-owned oil company, fully owned by the Government of the People’s Republic of China, and the State-Owned Assets Supervision and Administration Commission of the State Council (SASAC) performs the rights and obligations of shareholder on behalf of the government.

The second is Sinopec Corporation.  Sinopec Group is the largest shareholder (about 75% of the shares) in Sinopec Corporation.  And as the Sinopec website tells us, Sinopec Group is owned by the Chinese government….

Sinopec Group, the largest shareholder of Sinopec Corp., is a super-large petroleum and petrochemical group incorporated by the State in 1998 based on the former China Petrochemical Corporation. Funded by the State, it is a State authorized investment arm and State-owned controlling company.

So wherever you see CNOOC or Sinopec you can replace those names with the Chinese government.  The Chinese government essentially runs both of those companies.

And both companies have been very busy buying up U.S. oil and gas deposits.

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Obama Blames Oil Companies For Lack Of Drilling

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Did President Obama stretch the truth for political reasons and to make himself look better? You be the judge! America has enough oil reserves to last us 200 yrs. if we’ll allowed to drill it out of the ground, we should be energy independent already. Solar and wind power are not a reasonable alternative.

Obama Blames Oil Companies For Lack Of Drilling

In his Friday press conference to discuss gas prices, President Obama was rather defensive, straining to counter the notion that his administration has been unfriendly to oil drilling, something most people would like to see a lot more of these days.

Where do people get that notion? Perhaps his Interior Department appealing a judge’s ruling that it act on several pending deepwater permits had something to with it.

Obama claimed repeatedly that he is not against drilling, then made the following comments:

There is more we can do, however. For example, right now, the (oil) industry holds leases on tens of millions of acres — both offshore and on land — where they aren’t producing a thing. So I’ve directed the Interior Department to determine just how many of these leases are going undeveloped and report back to me within two weeks so that we can encourage companies to develop the leases they hold and produce American energy. People deserve to know that the energy they depend on is being developed in a timely manner.

In other words, Obama is arguing that the oil companies themselves may be to blame for the fact that there isn’t more drilling. For some reason they’re ignoring making a profit.

Nevertheless, it is a familiar talking point that Democrats have been throwing out there for years now. The Interior report Obama mentioned will probably come in the coming weeks or months and “prove” this point. Obama clearly hopes it will take the pressure off of his administration for high gas prices and throw it on the oil companies.

But is any of this true? Technically yes, says the oil industry, but the claim is extremely misleading. As Richard Ranger, a policy analyst with the American Petroleum Institute, has explained:

“The process of looking at an area that might have oil and gas potential and narrowing your search over time and over a sequence of steps to actually producing oil and gas involves kind of casting a big net first and over time through geologic work,” Ranger said.

Ranger also explained it’s not always a cut-and-dried situation. Some areas will have oil and gas, some won’t and some might have it, but it may not be economically feasible to pump it out of the ground.

“When you drill, you have results that are either sufficient oil or gas to allow production or a dry hole or somewhere in between where you think we may have production but we may need some further work to determine whether this formation, this target, is economic to produce. Those steps consume several years from the point of leasing to a point of decision.”

Update: Ex-President Bill Clinton calls drilling permit delays “ridiculous”.

Investors.com