Busted: President Obama’s 2% of the World’s Oil Reserves Myth

by Cristy Li on March 13, 2012

in Government

(FOX News) If we heard it once we’ve heard Obama claim lie over and over about the United States energy supplies–the United States only has 2% of the worlds oil reserves, yade, yade, yade…

As crude oil closed at $106.72 on Tuesday, logic dictates that President Obama has no plan for Americas energy self-sufficiency except to keep telling us the same tired old gibberish that the United States can’t drill its way out of high prices and that, “…anybody that tells you otherwise, either doesn’t know what they’re talking about or they aren’t telling you the truth.”

Unfortunately for Americans, President Obama doesn’t deal in “facts” while he most certainly knows how to deliver a speech (which he reads so eloquently from his teleprompter) the simple truth has escaped Mr. Obama and “…the reality is that the United States has enough recoverable oil for the next 200 years despite only having 2% of the worlds current proven oil reserves.”

Proven oil reserves are not all of our oil resources–not even close. In fact, proved reserves represent (only) a tiny portion of our total oil resources. Proven (or proved) oil reserves are reserves that have already been discovered…that estimate does not include oil that we know about, yet are unable to access because of regulatory barriers. For example, the billions of barrels of oil in ANWAR are not included in our proved oil reserves–so what are the facts?

Currently the United States has 1,442 billion barrels of technically recoverable oil but only about 20 billion barrels are considered proven oil reserves–that is partly because the Obama Administration is denying access to hundreds of millions of acres oil rich federal lands.

Full article here Exposing the 2%  Oil Reserves Myth –IER

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