According to President Obama, the U.S. contains only 2 percent of the planet’s proven oil reserves. In classic fashion, he’s using a technicality to skirt the facts and keep the myth of energy scarcity alive. The reality is that the U.S. has enough recoverable oil for the next 200 years.
Proved reserves represent a tiny portion of our total oil resources. Proven oil reserves are reserves that have already been discovered, typically through actual exploration or drilling, and which can be recovered economically. That estimate does not include oil that we know about, yet are unable to access because of regulatory barriers.
Currently, the United States has 1.4 trillion barrels of technically recoverable oil, but only about 20 billion barrels are considered proven oil reserves.
It is time our government stops misleading the American public and starts owning up to the reality of our energy situation – we are a nation rich in energy resources with poor policies that do not allow us to access them.