WASHINGTON D.C. — Today, the President spoke at the Copper Mountain Solar 1 Facility in Boulder City, Nev., where he touted his administration’s efforts to increase solar energy resources through taxpayer-funded subsidies, grants, and loan guarantees. According to the president, hundreds of millions of taxpayer dollars are required to bring renewable production online because – he claims — the U.S. has “only 2 percent of the world’s oil reserves.”IER President Thomas Pyle responded to the president’s address in Boulder City by dispelling the president’s 2 percent energy myth:”According the federal government’s own numbers, America has more than 200 years of oil supply to meet current demand without needing a single drop of imported oil. The reason he keeps misleading the American people about the vast oil resources is because he wants to sell his scheme for solar and wind energy.”If President Obama can convince us that we are energy poor — when in fact we have more recoverable oil resources than the rest of the world’s entire proven reserves — then he can convince us that our energy future is dependent on the Solyndras that his administration has been funding with taxpayer money for the last three years.”

The Institute for Energy Research recently produced a video entitled, “So Long Solyndra” that highlights the failure of the president’s crony capitalism in the energy markets. To view the Solyndra video, click below:

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