At the press conference accompanying the political hara-kiri by his director of the Minerals and Management Service, President Obama changed topics and said, â€œNow let me make one broader point, though, about energy. The fact that oil companies now have to go a mile underwater and then drill another three miles below that in order to hit oil tells us something about the direction of the oil industry. Extraction is more expensive, and it is going to be inherently more risky. â€¦ The easily accessible oil has already been sucked up out of the ground.â€
Obama on Oil Depletion, 5/27/10 Press Conference
Not all of it. He also could have noted that billions of barrels of â€œeasily accessibleâ€ oil have been turned into â€œimpossible to accessâ€ oil by federal regulations and moratoria that block any access. There is still a lot of non-deep sea oil available off the coast of California that can be accessed from onshore. And, donâ€™t forget, there are the 10 billion barrels in ANWR. All of this oil has been placed completely off limits by federal regulations.