I believe that America should be energy independent. Not ten years from now, but today. America has more oil in shale, ANWR, and the outer continetal shelf then Saudi Arabia. As Chairman of the Western Caucus, I have led and will continue to lead on this issue.
Energy in America now!
|
|
-
Of the estimated 2.7 trillion barrels of oil held in the world's oil shale deposits, 2 trillion is scattered across the United States. That's more oil than all the countries in the Middle East combined. Estimates of the oil resource in place within the Green River Formation range from 1.2 to 1.8 trillion barrels. That is the equivalent of 1-2 times the total world crude oil reserves – triple the amount of oil reserves in Saudi Arabia.
The U.S. Department of Energy estimates that the United States is the richest and most geographically concentrated oil shale and tar sands resource in the world. Oil shale could allow the U.S. to become the world's single biggest oil source, ahead of all the OPEC members. The Department of Energy's Office of Naval Petroleum and Oil Shale Reserves estimates oil shale's direct economic value to the nation might approach $1 trillion by 2020, not counting other equally or more valuable strategic and national security benefits that may not be fully measured in dollars.
- Total recoverable deposits represent a resource valued at nearly $100 trillion dollars at current oil prices, and considerably more at projected prices.
|
|
I have introduced a bill to allow the President to bypass the years of cumbersome regulation and begin developing this resource now.
You can read the bill text here. (.pdf file)
Developing this resource now will bring down prices by showing the world America is serious about developing energy here at home. It will also introduce an enormous supply into the market, thereby bringing prices down as well.
To see where we stand on oil shale vs. the rest of the world, please click here. (.pdf file)
|
