Biden wasn’t happy with $4 oil in the VP debate. He brought it up when the topic he was asked about was the banking collapse.
One of the dumbest lib talking points used by both Biden and Obambi, but libs are never called on it:
They say “we have only 3% of the world’s oil reserves but we use 25% so we cannot drill our way out of the problem”
This quip shows total ignorance of the distinctions between total “proven” reserves, all possible reserves such as oil shale, tar sands in Canada, etc., and current annual usage.
We could choose to burn our “3%” at a higher rate over the next 20-30 years to provide more than the 8 million bpd that we are getting domestically right now. We can be confident that other mobile energy sources will be much more feasible in 20-30 years so we don’t need to “save” all the oil underground.
No one is even mentioning how much more could/should be produced in North America if only we finally had the open door we should have to utilizing all the locations offshore and onshore, not to mention oil shale and Canada’s tar sands, etc.