Obama is fond of saying that the United States has just 2% of the world’s oil reserves but consumes 25% of world production. Sometimes he says 20% so you don’t know which to believe, 25, 20 or the truth. But the big lie is the 2%. The U.S. has more oil reserves that any other nation, in fact more oil reserves than all the other nations.
“The Green River Formation–an assemblage of over 1,000 feet of sedimentary rocks that lie beneath parts of Colorado, Utah, and Wyoming–contains the world’s largest deposits of oil shale,”Anu K. Mittal, the GAO’s director of natural resources and environment said in written testimony submitted to the House Science Subcommittee on Energy and Environment.
“USGS estimates that the Green River Formation contains about 3 trillion barrels of oil, and about half of this may be recoverable, depending on available technology and economic conditions,” Mittal testified.
“The Rand Corporation, a nonprofit research organization, estimates that 30 to 60 percent of the oil shale in the Green River Formation can be recovered,” Mittal told the subcommittee. “At the midpoint of this estimate, almost half of the 3 trillion barrels of oil would be recoverable. This is an amount about equal to the entire world’s proven oil reserves.” [Emphasis added]
And that’s just from 3 states in the middle of the country. It doesn’t include Alaska, Texas , the Gulf or any other of the many oil fields around the country. 2% – Phooey!