Mr. Obama has gone out on a limb again only to submit another misconception or as we’ve been calling it, a “lie”, in his effort to boost himself in the polls and demonstrate his “knowledge” of all things in the universe. The “senior law lecturer” has stepped on his tongue again.

“I want you to think about this,” Barack Obama said in Las Vegas last week.

“The oil companies have already been given 68 million acres of federal land, both onshore and offshore, to drill. They’re allowed to drill it, and yet they haven’t touched it – 68 million acres that have the potential to nearly double America’s total oil production.”

The whiz kid assumes that every acre of every lease holds the same amount of oil and gas. Yet the existence of a lease does not guarantee that the geology holds recoverable resources.

Brian Kennedy of the Institute for Energy Research quips that, using the same extrapolation, the 9.4 billion acres of the currently non-producing moon should yield 654 million barrels of oil per day.

“If we extrapolate from today’s production rates on federal lands and waters,” the authors write, the oil companies could “nearly double total U.S. oil production”, writes Nick Rahall, chairman of the House Resources Committee.

Riding the wagon of lies with Mr. Rahall and Mr. Obama are Nancy Pelosi, Barbara Boxer, John Kerry and others writing Congressional energy policy. None of this ilk has a clue about oil production, real profits, energy exploration or investment.

Real people however are concerned with high costs of fuel and the politicians are busy telling tall tales and Barack Hussein Obama is now leading the parade with his “expertise” in not telling the truth. Politicians want confusion not facts, especially during the election cycle.

The U.S. Minerals Management Service notes that only one of three wells results in a discovery of oil that can be recovered economically. In deeper water, it’s one of five.

It’s The Politicians Stupid!

Yet companies are not allowed to explore where the biggest prospects for oil and gas may exist – especially on the Outer Continental Shelf. Seven of the top 20 U.S. oil fields are now located in analogous deepwater areas (greater than 1,000 feet) in the Gulf of Mexico. In 2006, Chevron discovered what is likely to be the largest American oil find since Prudhoe, drilled in 7,000 feet of water and more than 20,000 feet under the sea floor. The Wilcox formation may have an upper end of 15 billion barrels of recoverable oil and should begin producing by 2014 – perhaps ushering in a new ultradeepwater frontier.

Likewise, in April, the U.S. Geological Survey revised its estimate for the Bakken Shale, underneath the badlands of North Dakota and Montana. The new assessment – as much as 4.3 billion barrels of oil – is a 25-fold increase over what the Survey believed in 1995. Such breakthroughs confirm that very large reserves exist, if only Congress would let business get at them. [WSJ]

Democrats are shutting down debates where Republicans wish to open the door to more exploration and future production. Mr. Obama is touting energy independence without a word about oil production but he loves alternative fuels.

In the end Mr. Obama thinks he knows more than the profitable oil companies by the company he keeps and his complete lack of knowledge on the facts leaves him in the cornfields of Iowa, now under water, and rising fuel and food prices.

Blame OPEC, blame George W. Bush, blame “Big Oil”. If Mr. Obama really wishes to continue his blame game he should look at his own party and then into the mirror.

Telling the truth for a “change” would be nice too. Indeed!