National Journal:
Obama’s Fuzzy Oil Production Math
Bush administration actions have led to gains in supply.
He doesn’t want to admit it, but President Obama is taking credit for something George W. Bush did.
The White House is touting federal data that shows domestic oil production is at its highest level since 2003. In a blog post last week, Obama’s top climate and energy aide, Heather Zichal, points to Energy Information Administration data that shows oil production from the Outer Continental Shelf (which basically means the Gulf of Mexico) has increased by more than a third between 2008 and 2010.
EIA Administrator Richard Newell says it takes several years for any major federal policy action — such as issuing leases — to affect domestic oil production.
“Even if one has development drilling going on, there is about a one- to three-year lag between drilling and production that one will see,” Newell said during a break in a House Natural Resources Committee hearing on Thursday. “If you’re on a longer term — for example, new leases being issued in an area — you can be on a several-year time frame before you can see a relationship between new leases and production. So there are significant lags.”
While Bush was in office from 2001 to 2009, the oil and gas industry saw many new leases and other expanded drilling opportunities. In March 2010, Obama announced plans to expand offshore drilling, but he retreated in the aftermath of the BP oil spill.
The rest here.