On Scarborough Country, WSJ's Moore falsely claimed U.S. has more oil than Saudi Arabia
SUMMARY: Appearing on MSNBC's Scarborough Country, Wall Street Journal editorial board member Stephen Moore falsely claimed that there is "more oil offshore in America than there is in Saudi Arabia." In fact, according to the U.S. government, Saudi Arabia has as much as 10 times more oil resources than the U.S.
Advocating drilling for oil off the U.S. coast, Wall Street Journal editorial board member Stephen Moore falsely claimed on the March 14 edition of MSNBC's Scarborough Country that there is "more oil offshore in America than there is in Saudi Arabia." In fact, according to the U.S. government, Saudi Arabia has more oil resources than the entire United States, not just "offshore" -- up to 10 times more, according to one assessment.
According to the Energy Information Administration (EIA), a statistical agency of the U.S. Department of Energy, the United States has between 21.4 and 29.3 billion barrels of proved oil reserves, while Saudi Arabia possesses between 262.1 and 266.8 billion barrels of proved oil reserves. "Proved oil reserves" are defined by the EIA as "estimated quantities that analysis of geologic and engineering data demonstrates with reasonable certainty are recoverable under existing economic and operating conditions."
A U.S. Geological Survey analysis, which uses a different methodology to assess the "ultimate oil resources" available to each country, found that the United States has up to 255.2 billion barrels, while Saudi Arabia has up to 374.2 barrels.
Stephen Moore is also a financial columnist at National Review Online, a former senior fellow at the Cato Institute, the founder and former president of the pro-Republican Club for Growth, and former president of the conservative Free Enterprise Fund. Media Matters for America has identified other false and misleading claims made by Moore (here, here, and here).
From the March 14 edition of MSNBC's Scarborough Country:
MOORE: Now that the oil prices are high, they want to come back and say, "You know what? We want to take that [federal oil-drilling subsidy for oil companies] away from you." The contract has already been made. You can't break a contract 10 years after it was made. Now, the real problem is something that Pat [Buchanan, MSNBC political analyst] said. I just want to repeat this. We cannot drill any new oil in the United States because of all of the environmental regulations. Congress won't allow us to drill in Alaska. They won't allow us to drill offshore. Joe, we have more oil offshore in America than there is in Saudi Arabia. We just can't get at it.
MMFA needs to up its focus on Scarborough Country. Even though this show has like 10 viewers nationwide, the amount of mistruths coming from both Joe and his guests is mindblowing.
Keep up the good work, MMFA.
I agree there is a lot of shi-t that oozes out of Scarborough country; but I think most normal people see that the show and Scarborough's I'm just a redneck from the Redneck Rivera persona as so contrived that they don’t take it seriously. Look Scarborough, Hardball, and Tucker Carlson are all competing for Bill O'riellys most faithful cretins. When will they learn they're not leaving Billy-boy for them. They get all the crap they need from Bill. Moreover, I believe a good portion of the non-cretin portion of Billy O’s viewers are tuning in for the laughs and Scarborough and the MSNBC cons can’t compete with that either.
There's a federal oil drilling subsidy???? For crying out loud.
Yeah, these capitalists -- "a contract is a contract". Nope. Not if one party bribes its way into one, as far as I'm concerned.
A legal system and an economic system is supposed to be in place for the good of society. It ain't happening here.
Subsidies for oil companies. Why not a billionaire subsidy? Oh, sorry. I forgot about the tax cuts.
I love to hear Big Oil proponents complain about environmental regulations: "Congress won't allow us to drill in Alaska." That's right. And mom wouldn't let me play ball in the house when I was growing up. It was a rule that I didn't like when I was 10, but now understand as an adult.
Please stop whining, Mr. Moore. Go home and take a bath in a big pile of thousand dollar bills, maybe you'll feel better.
I know that some rightwingnuts can be reality challenged but this is a spectacular display of demensia
maybe they ought to drill for brains. What is Club for Growth? cancer? Why don't they put those drilling dollars into alternative energy and fuel so we won't need to pollute the planet for another 100 years ? maybe the public doesn't want to see beautiful coastlines lined with ugly drilling stations and risk ruination by environmental disasters.
re: "I just want to repeat this. We cannot drill any new oil in the United States because of all of the environmental regulations."
For a snapshot of the drilling industry, from the Baker Hughes web site, BAKER HUGHES ROTARY RIG COUNT spreadsheet, its US rig count as of 3/10/06 is 1,532. A year ago it was 1,282. In 2000, the count was 768.
is another right wingnut who lies about oil reserves. I got so tired of hearing him talk about the Rand Corporation study showing how much oil there is in the United States I looked it up.
Turns out Rand talks about oil shale - of course there is no technology available to actually recover that oil, it takes two galleons of water to produce one galleon of oil, the environmental devistation is immense, and it would take 20 or 25 years to crank up the program - but one can't expect Insanity to bother his audience with pesky details when it would ruin his rant...
made by the Gov of Montana some weeks back on "60 Minutes" about the possible quantities of Oil locked up in Coal? Because the technology does not exist or is not commercially feasible at this time does not mean that it won't be in the future (let oil hit $100/barrel) After all, man didn't have powered winged flight capabilities 100 years ago, or the ability to go into space (and return) 50 years ago. The innovative juices of the dreamer are unbelievable.
..but with a statement like that all you can do is laugh. It's the like this guy still believes in Santa Claus.
Reality is a foreign language to these people.
Tell me a wingnut didn't lie out his rectum!!!! Surprising.