As the latest demonstration of his lack of economic depth, President Obama put forth a series of falsehoods in the form of a press conference. The indispensible Jeff Dunetz pointed out the tsunami of falsehoods, so Go Read That.
But the president also used his typically bad logic to push his green agenda.
Because even if we were to grant his false claim that the US has only 2% of the world’s oil and uses 25% of it, there would be nothing wrong with that. We are the world’s biggest economy, and there is a world market for oil. We are just as much at the mercy of that market as anyone else.
The unspoken premise is that there is some fair amount of oil to which we are entitled. The implication is that our oil ration bears some relation to the amount we produce. But if that were so, then countries that produce little or no oil at all, such as Japan or the Koreas, would not be entitled to any.
The fact that President Obama believes this argument to be persuasive, even dispositive, demonstrates further his socialist mindset. We do not have a ration, and there would nothing wrong with the United States using up every last drop of oil the rest of the world produces, as long as we’re willing topay for it.
But in granting that the US produces 2% of the world’s oil, we are forced to note the incredible array of constraints placed on oil production. With his boot still firmly on the neck of the oil industry, Obama need not remind Americans how little we actually produce.