The USA Is The Saudi Arabia of ...Oil -- Congress Won't Let Exxon Get To It

Energy: Exxon Mobil's CEO says his energy company's "corporate social responsibility" is to produce more energy. While Congress wants to tax oil profits, he wants to spend them to find more oil.

While some companies like British Petroleum run endless ads touting their capitulation to the global warming religion by saying they are "beyond" petroleum, Exxon Mobil has been refreshingly unapologetic about developing the resources beneath our feet and making money doing it.

Speaking to reporters after the annual meeting of Exxon stockholders Wednesday, CEO Rex Tillerson shoved political correctness aside and insisted the science on climate change is not settled and "that to not have a debate on it is irresponsible" and that to "suggest we know everything about these issues is irresponsible."

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According to the Institute for Energy Research, "The United States has 2 trillion barrels of oil shale. This is more than 7 times the amount of crude oil reserves found in Saudi Arabia, and is enough to meet current U.S. demand for over 250 years."

Out west we may have what could be called a "Persia on the Plains."

A Rand Corporation study says the Green River Formation, which covers parts of Colorado, Utah and Wyoming, has the largest known oil shale deposits in the world, holding from 1.5 to 1.8 trillion barrels of crude.

Of that, some 800 billion barrels are recoverable with current technology — roughly triple Saudi Arabia's current known reserves.

Nick Loris of the Heritage Foundation says: "If full-scale production begins within five years, the U.S. could completely end its dependence on OPEC by 2020." That's quite a forecast, given that nearly a half of our oil today comes from that monopoly.

Indeed, there is enough North American petroleum trapped in oil sands and shale rock to form our own OPEC.

While OPEC, the Saudis, and even the U.S. Congress are telling us to pound sand, at least one U.S. company wants to get energy from it.

The Democrats in Congress would rather tax the oil companies then allow them to use those profits to drill for our own oil!

Foolish Washington that keeps costing you every day.

By the way, we are the Saudi of Coal also -- WTF is our government stopping us from using our own resources.
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IBD -- Getting Oil From A Stone