On developing more oil resources, “Mitt Romney will make America an energy superpower, rapidly and responsibly increasing our own production and partnering with our allies Canada and Mexico to achieve energy independence on this continent by 2020.” Here are facts that the Romney plan ignores as exhibited by the following data:
Total oil production: 3,600,000 barrels per day (b/d)
Oil export to the United States: 2,500,000 (b/d)
Total oil production: 3,000,000 (b/d)
Oil export to the United States: 1,200,000 (b/d)
Oil imports: 8,900,000 b/d
According to the Romney plan, Canadian and Mexican imports to the United States should equal 8,900,000 b/d, assuming that U.S. imported oil levels remain the same by 2020. Even if Canada and Mexico agreed to export all total produced oil to the United States, that amount (i.e., 6,600,000 b/d) falls short of the total imported crude oil to the United States by 2,300,000 (b/d).Unless Mexico discovers huge reservoirs of crude oil before 2020, that country will not be able to sustain current levels of exported crude to the United States, as the following Mexican oil reserve graph shows. Notice that Mexican oil reserves peaked around 1990, twenty-two years ago.
Conclusion: The Romney energy plan for oil is flawed, demonstrates that he and/or his staff are ignorant about non-renewable energy and incapable of researching the issue.Tags: Canadian Oil Production, Mexican Oil Production, Mexican Oil Reserves, Romney Oil Production Plan, U.S. Imported Oil