On Friday President Obama came out and took credit for the shale boom that’s one of the few bright spots in the economy these days. What he didn’t say is that it’s happening despite his policies, not because of them. The Washington Examiner explains:
Obama’s energy policy has done nothing positive for the current boom in the “unconventional” (shale and tar sands) oil and gas extraction industry — a boom that has providentially boosted employment, improved the nation’s balance of trade, and probably saved the incumbent president from defeat last November. Further, Obama’s policy has actually reduced oil and gas production on federal lands, where it genuinely falls under Obama’s power. A recent study by the Congressional Research Service found that all of the increased production from fiscal years 2007 to 2012 took place on nonfederal lands.
Between fiscal 2010 and 2012, total U.S. oil production rose by about 1.1 million barrels per day. U.S. production will likely eclipse that of Saudi Arabia by the end of the decade. Natural gas production is an even bigger story. It rose by 20 percent during the same period, driving down prices and revolutionizing the way Americans generate their electricity. This all comes thanks to advances in technology and hydraulic fracturing techniques.
During the same period, oil and gas production on federal lands fell sharply, both in absolute terms and as a percentage of production. Federal lands accounted for more than a quarter of U.S. gas production as recently as 2009, but in 2012 made up only 15 percent. Federal offshore gas production in 2012 was less than half what it was in 2007.
In addition, this is the guy who wants to impose higher taxes on oil and gas companies to subsidize the billions of tax dollars he doles out to failing green energy companies.
Update: Linked by Expose the Media – thanks!