US has 60 times more oil than Obama claims

When Obama was running for office in 2008 and gas prices were sky high, he said "Even if you opened up every square inch of our land and our coasts to drilling," he said. "America still has only 3% of the world's oil reserves." Just recently, he gave that figure as 2% of the world's reserves. Is that accurate? Investors Business Daily: 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. 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...(Read Full Post)