In the mountainous Green River Basin of the American West, running through Utah, Colorado, and Wyoming, the American people own lands containing an estimated one trillion barrels of oil, more than triple the amount of Saudi Arabia's proven oil reserves and far exceeding anything we could have dreamed a few decades ago.
This incredible supply—made up of most of the world's oil shale—should be a cause for national celebration, since it has the potential both to lower gasoline prices and to increase government revenues without raising taxes.
In 2008, this exciting energy story was just beginning to bear fruit, as the Bush administration issued 77 leases (after a seven-year environmental review process) for energy companies looking to develop the oil shale.
Then came President Barack Obama. Within weeks of his inauguration, the Obama Interior Department withdrew the leases.
And although Interior Secretary Ken Salazar said the administration would "reconsider" the leases, his department ensured that any progress would be minimal. According to a statement from the House Committee on Natural Resources, "In October 2009, the Interior Department announced a new round of RD&D leases that included significant changes to the program. The new program decreased lease acreage by 87 percent, demanded unrealistic timelines for investment into cutting-edge research, included unattainable production requirements, and implanted variable royalty rates. As a result, only three companies applied for this latest round of RD&D leases."
