Graphic of the Day: Drilling Permits Down 36% Under Obama Administration
When the president says he is opening up millions of acres for drilling exploration in the United States, Cavuto says you might want to thank the previous presidents instead, including Bill Clinton and George W. Bush. According to the Bureau of Land Management, the current administration has actually decreased approval of drilling permits by 36 percent. Even under Bill Clinton, his administration increased the approval of drilling permits by 58 percent, and George W. Bush increased approval by 116 percent.
But what about more drilling? Will an increase in domestic production make a dent on oil prices? Some analysts say “yes”. Cavuto showed a graphic of current drilling sites in the United States vs. the amount of land that we ‘could’ drill on. You can decide for yourself:
So how much potential oil-energy does the U.S. really have domestically? Jim Angle reports that some energy analysts say the U.S. could have up to 1.4 trillion barrels of ‘recoverable’ or potential barrels of oil yet to be drilled. This means the U.S. has the potential to have more drill-able oil than Saudi Arabia.
However, these analysts results are at odds with the president's estimates. The Obama administration says the U.S. only has 21 billion barrels of proven reserves, and drilling more will not lower gas prices.
What do you think? Will more domestic drilling decrease your pay at the pump?