Video: USA Oil Policies explained

Do you know who has the biggest oil and energy reserves? It may not be who you think..

IER Board Member, Steven Hayward, exposes how US energy policies have restricted access to America's vast energy resources. You may have previously thought America had little to none of it's own reserves but this is not the case. America is tehrefore less competitive in the world, energy prices are skyrocketing, and the economy is suffering. Steven Hayward points out that the United States must open federal lands to exploration and end the regulatory blockade that keeps shale oil and gas out of our reach.

News: Chevron Creates Solar Oil Power

Chevron technology Ventures (a division of Chevron USA), have launched a brand new project to test solar power energy production of oil. The project demonstrates the production of oil using over 7,600 mirrors to focus the solar energy into a specially designed solar boiler. The steam produced from this project is then injected large oil reservoirs in order to increase oil production. The project is being heralded as thelargest of it's kind in the world.

"Through this demonstration, we want to determine the feasibility of using solar power for enhanced oil recovery," said Desmond King, president of Chevron Technology Ventures. "This technology has the potential to augment gas-powered steam generation and may provide an additional resource in areas of the world where natural gas is expensive or not readily available."

This project should allow more effective oil extraction that yields strong results in areas where oil production is currently weak. This means oil supplies should start increasing when the project is in full swing to keep up with consumer demand.