But the figure Obama uses — proved oil reserves — vastly undercounts how much oil the U.S. actually contains. In fact, far from being oil-poor, the country is awash in vast quantities — enough to meet all the country’s oil needs for hundreds of years.Just recently I had a story about birds being fouled by oil seeping out of the sea floor near Santa Barbara, CA, oil that has built up under the area because nobody is allowed to drill there anymore thanks to a big spill in 1969. That oil is not counted in Obama's figures, and yet we know it's there for the taking. There are examples like that all over the country.
The U.S. has 22.3 billion barrels of proved reserves, a little less than 2% of the entire world’s proved reserves, according to the Energy Information Administration. But as the EIA explains, proved reserves “are a small subset of recoverable resources,” because they only count oil that companies are currently drilling for in existing fields.
When you look at the whole picture, it turns out that there are vast supplies of oil in the U.S., according to various government reports.
Sunday, March 18, 2012
No. As is often the case, Obama is picking and choosing his statistics based on whatever numbers will help him the most:
Posted by Rick Moore on 3/18/2012