If only President Obama would take his approach to energy production and apply it to the national debt, we’d be down to 2007 levels in no time. According to a new report from the nonpartisan Congressional Research Service (CRS), his administration’s policies have caused production on federal lands to plummet.
Although the president likes to claim that production of oil and natural gas has increased during his tenure, the growth driving the current energy boom has occurred entirely on non-federal lands. On federal lands subject to government control, it’s a different story. Between 2010 and 2012, oil production on federal lands fell by more than 23 percent to levels lower than those in 2007. [Read more...]