On the recordMarch 2, 2011
Yes. We know we have the world's largest reserves in coal. We have potentially the largest reserves in the world in natural gas here in the United States. And some argue that the estimates of oil are vastly underestimated because of two things: one, the shale oil that's available that currently is off limits because of administration policy and environmental policies; and, secondly, on the east coast and west coast, Outer Continental Shelf area, we don't have accurate seismic information. So when they say we only have 3 percent of the world's reserves, that's an inaccurate figure. That's not been thoroughly looked at with modern seismic activity. But our companies that manufacture these chemicals and fertilizer have a competitive advantage because of the low price of natural gas in this country. If we tax it, as this administration is proposing, it will actually make us less competitive. Our exports will go down, and it will be counter to what the President wants to do by expanding exports. It makes no sense whatsoever.
