“…tonight, I’m directing my administration to open more than 75 percent of our potential offshore oil and gas resources.” - President Obama 2012 State of the Union
So, 75 percent – that must be good, right? Well, not exactly. Let’s take a look at what the Proposed Outer Continental Shelf Oil & Gas Leasing Program 2012-2017 actually provides:
The president wants you to focus on the two numbers on the right, that 77 percent and 78 percent of our potential resources are available. But the more important number is on the left, showing that only 13 percent of our total outer continental shelf (OCS) acreage is even open to development. To understand why we need to understand what those oil and natural gas numbers represent – and what they don’t.
What they represent are the un... more »