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Flame » in reply to Obama: U.S. has only 2 percent of world reserves.

Re: Obama: U.S. has only 2 percent of world reserves.

That was a great speech, wasn't it? Thanks for turning me on to it. It must have made quite an impression on you for you to feel the need to respond to it so quickly. Did you hear any of the rest of it?

I used to work for the Energy Industry, remember? I know exactly how both sides spin it, depending on what they want to prove. When I was selling nukes in the 70s, I had plenty of "evidence" showing how oil and coal were about to run out and nuclear was our only way out. (I also had a rap on "so-called toxic nuclear waste" that would make you want to rush out and buy futures in it).

One thing is sure, it is very difficult to find exactly how tall that energy pyramid is, and where those 3 slices in it are, and how practical they actually are as a true resource. The only ones who really know are the oil companies, and they're not talking. I used to work for one of them, too.

The really big lie is that finding large amounts of unexpected oil in the US is suddenly going to make the price of energy come down--not while other countries are allowed to bid for it. The price of oil is determined by what the world is willing to pay for it, not where it came out of the ground. The oil companies aren't going to sell oil cheap here and expensive overseas because they are so patriotic.

Unless, of course, you nationalize the oil companies. Then, all those reserves the Republicans are always bleating about can be sold domestically at the cost of production.

Now if THAT were the case, I'd be the first one to be yelling "drill here, baby!".

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