Scarce Oil? U.S. Has 60 Times More Than Obama Claims

Investor's Business Daily ^ | 03/14/2012 | John Merline

[IBD editorial writer]

When he was running for the Oval Office four years ago amid $4-a-gallon gasoline prices, then-Sen. Barack Obama dismissed the idea of expanded oil production as a way to relieve the pain at the pump. "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." Which meant, he said, that the U.S. couldn't affect global oil prices....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.

[Army Air Corps]

Ping.

[RC2]

Once again, it is my understanding that we can only use 2% of what we have. Not that we only have 2% of the worlds oil. They are playing with numbers here while our people suffer and we support the Middle East, which hates us.

[RC2]

Let me add one thing here. If we produced our own oil for our own use, and not export it, that would leave more of the Middle East oil for the rest of the world. Prices for oil would drop.

[REDWOOD99]

Maybe we’re drinking their milkshake while the oil in our ground gets more valuable.

[FrankR]

In the land of the blind, the one-eyed man is king...in the land of energy and progess, he who holds all the oil, is king.

[cuban leaf]

—Maybe we’re drinking their milkshake while the oil in our ground gets more valuable.—

I started wondering that in the early 80’s. Why else would we so overtly NOT drill what we have?

[anoldafvet]

I know there's video of Obama saying he wants gasoline prices to rise but more slowly, I know there's video of him saying energy prices under his administration will necessarily skyrocket and his energy secretary saying he wants gasoline in the $8 to $10 range. I know there's video of him rejecting the Keystone XL pipeline. My question is: Why the hell don't the Republicans have a commercial playing every half hour on TV with these videos? No money they spend would have greater bang for the buck.

[cuban leaf]

—Maybe we’re drinking their milkshake while the oil in our ground gets more valuable.—

I just thought of something that strengthens this belief. There have been a lot of proponents of Peak Oil over the last several decades. If the people in charge of granting oil leases really believe that we are on the verge of sing oil reserves plummet, they may choose to hold on to them for when it is really needed.

Except the rumors of Peak Oil have turned out to be greatly exaggerated. We keep finding more. Lots more.

[thackney]

The stone age didn’t end because we ran out of stones.

Neither did the bronze or the iron age.

We will eventually move on to something else. Nor will the world stay with oil as the price climbs to precious metal rates.

So at that point, do we really believe the US will continue to use the previous century’s technology, while the world moves on?

All we are doing by not producing, is enriching our neighbors and enemies while billions leave this country.

[cuban leaf]

—All we are doing by not producing, is enriching our neighbors and enemies while billions leave this country.—

Exactly how I see it.