Just a year ago, I wrote about another lie being promoted by president Obama, namely that the USA had only two percent of the world's oil reserves so we could not drill our way to energy independence. Even at the time, it was clear that Obama was misleading the public; the reserves to which he referred were "proven reserves" which means that they had been drilled and placed into production. Obama ignored all those oil deposits that had not yet been drilled.
Now, the Energy Department has come forward with an estimate of shale oil and shale gas around the world. When these deposits are factored into the mix, the USA has another 220 billion barrels of recoverable oil still in the ground. Let's put this in context. This number means that America has just about 50 years of reserves here at home without importing a single barrel from abroad. To be clear, that means no imports from Canada or Mexico, just domestic production. It is a hell of a lot more than 2% of the world's reserves.
Even these numbers from DOE seem like low ball estimates. The point, however, is that the federal government has finally released the numbers that make clear that Obama lied to the people all along.
Now, the Energy Department has come forward with an estimate of shale oil and shale gas around the world. When these deposits are factored into the mix, the USA has another 220 billion barrels of recoverable oil still in the ground. Let's put this in context. This number means that America has just about 50 years of reserves here at home without importing a single barrel from abroad. To be clear, that means no imports from Canada or Mexico, just domestic production. It is a hell of a lot more than 2% of the world's reserves.
Even these numbers from DOE seem like low ball estimates. The point, however, is that the federal government has finally released the numbers that make clear that Obama lied to the people all along.
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