We will know the answer to that one soon. President Bush said in his radio address today said that the oil in the offshore protected areas is equal to 10 years of current production.
No, that is not true. The Energy Information Agency, the government agency responsible for making estimates of oil reserves, calculates that there are approximately 8 billion of barrels of oil in the protected areas. Current production is approximately 3 billion barrels a year. That implies that the oil in the offshore protected areas is equal to less than 3 years of annual production, not ten years. That means that President Bush is off by a factor of more than three.
It actually is somewhat worse. U.S. production is only equal to 40 percent of consumption. Consumption is the more relevant factor in determining the importance of this oil. The oil in offshore protected areas is equal to only a bit more than a year of domestic consumption.
In other words, President Bush was completely misrepresenting the importance of oil in offshore protected areas. Why isn't this major news? Do the NYT, Washington Post, NPR, and Lehrer News Hour believe that President Bush lies so often that it can't be treated as news?
I’m writing to you today with a sense of urgency that I haven’t felt since I began my journalism career. As executive editor of The American Prospect, I’ve witnessed firsthand how independent journalism serves as a crucial bulwark against the erosion of our democratic institutions. Today, that role is more vital than ever. Can you step up today and show your support?
The winds of authoritarianism are blowing stronger. We’re seeing alarming signs of a coordinated effort to silence critical voices and undermine the very foundations that support progressive causes. As Bob Kuttner presciently wrote in our August 2024 issue, a weaponized IRS could attack the very foundations of the progressive movement. We need readers to step up and help us dig in for the long haul.
We’re falling behind in our spring fundraising campaign, and with so much at stake we can’t afford to come up short. If you value fearless, independent journalism that holds the powerful accountable and defends democracy, now is the time to step up. The American Prospect depends on reader support to stay in the fight. Pitch in today and help us close the gap. Please consider making a donation today.
–David Dayen, Executive Editor
Copyright 2025 | The American Prospect, Inc. | All Rights Reserved
