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Strategic Oil Reserves Drawn Down for Libya, but President Won’t Permit Oil Exploration in the Gulf of Mexico

June 23, 2011

After weeks of “secret meetings,” the President infused international markets with 30 million barrels of oil from our U.S. Strategic Petroleum Reserve. Was it to replace the half of 62+ million barrels of lost oil production in the Gulf of Mexico since he imposed a moratorium on domestic drilling 388 days ago? Not quite.

According to today’s press, the President is compensating for lost production resulting from the conflict in Libya. How dependent is the U.S. on oil imports from Libya? Of the 88 million barrels of oil we consume in one day, Libya provides us with a paltry 44,000 (0.05 percent).

What’s the real reason? The economy is tanking and American’s won’t let the President forget that they’re paying nearly $4 per gallon for gasoline.

Prior to the President’s drilling moratorium in the Gulf of Mexico over a year ago, the Gulf produced 1.7 million barrels of oil a day. Today, as a result of his policy directive, production will continue to drop precipitously — by 330,000 barrels a day in 2012, according to the Department of Energy.

Brazil? Libya? When will President Obama put Americans back to work drilling for American oil?

Jim Adams

Jim Adams
President and CEO, Offshore Marine Service Association

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