[Guest post by DRJ]
Researchers claim the BP oil spill could be twice as big as originally thought — up to 100 million barrels of oil. Remember in 2006 when candidate Obama said oil isn’t the answer to America’s energy problems?
“It would be nice if we could produce our way out of this problem, but it’s just not possible. We only have 3% of the world’s oil reserves.”
This is a glass half full, glass half empty moment. The Deepwater Horizon production estimates suggest this may be a big reservoir. Eventually someone will produce that oil, if not for America then for China, India or somewhere else. Wouldn’t it be better if we solve this problem and produce the oil for the American market, instead of imposing a moratorium and demonizing the oil industry that fuels America’s economy?
But if you really, really can’t stand the thought of offshore drilling, why not open up the bonanza of oil and gas on federal lands? (Just don’t let BP be the operator.)