But the reality is that America is an energy rich nation and new discoveries of oil and natural gas deposits are being made all the time. Shouldn't someone tell the American people the truth about these things?
"With only 2% of the world’s oil reserves, we can’t just drill our way to lower gas prices"
"Unless profound changes are made to lower oil consumption, we now believe that early in the 1980s the world will be demanding more oil than it can produce".
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.
Back in 1995, the U.S. Geological Survey told the American people that the Bakken Shale formation in western North Dakota and eastern Montana only held 151 million barrels of oil. Today, government officials are admitting that it holds 4.3 billion barrels of recoverable oil, and some analysts believe that the actual number could be closer to 20 billion barrels of oil.
It is estimated that there are up to 19 billion barrels of recoverable oil deposits in the tar sands of Utah.
It is estimated that there are at least 86 billion barrels of recoverable oil deposits in the Outer Continental Shelf.
It is believed that there are 800 billion barrels of recoverable oil deposits in the Green River formation in Wyoming.
Overall, the United States is sitting on approximately 1.442 trillion barrels of recoverable oil deposits.
According to the Institute of Energy Research, the United States has a 120 year supply of natural gas.
According to the Institute of Energy Research, the United States has a 200 year supply of oil.
According to the Institute of Energy Research, the United States has a 464 year supply of coal.
According to Pastor Lindsey Williams, absolutely gigantic oil fields have been discovered up in Alaska that the American public is not being told about.
Goldman Sachs is predicting that the United States will be the number one oil producing country in the world by the year 2017.
Production at the oil field, deep in the Gulf of Mexico off the coast of Louisiana, was supposed to have declined years ago. And for a while, it behaved like any normal field: Following its 1973 discovery, Eugene Island 330's output peaked at about 15,000 barrels a day. By 1989, production had slowed to about 4,000 barrels a day.Then suddenly ~ some say almost inexplicably ~ Eugene Island's fortunes reversed. The field, operated by PennzEnergy Co., is now producing 13,000 barrels a day, and probable reserves have rocketed to more than 400 million barrels from 60 million. Stranger still, scientists studying the field say the crude coming out of the pipe is of a geological age quite different from the oil that gushed 10 years ago.