Oil - proved reserves. (Photo credit: Wikipedia)
President Barack Obama is Lying about American Oil Reserves – Godfather Politics.
“In reality, the United States has more than 22 billion barrels of proved reserves. “Proved reserves” are what companies are currently extracting. This does not count untapped supplies. Consider the following from Investor’s Business Daily:
- At least 86 billion barrels of oil in the Outer Continental Shelf yet to be discovered, according to the government’s Bureau of Ocean Energy Management.
- About 24 billion barrels in shale deposits in the lower 48 states, according to EIA.
- Up to 2 billion barrels of oil in shale deposits in Alaska’s North Slope, says the U.S. Geological Survey.
- Up to 12 billion barrels in ANWR, according to the USGS.
- As much as 19 billion barrels in the Utah tar sands, according to the Bureau of Land Management.
- Then, there’s the massive Green River Formation in Wyoming, which according to the USGS contains a stunning 1.4 trillion barrels of oil shale — a type of oil released from sedimentary rock after it’s heated.”
Why are we so dependant on foreign oil? Why haven’t we helped ourselves? We have outsourced our factories and export more than is US made. We need to turn this around before it is too late. We assume America is still a major world power. If we are not careful, we will become a ‘third world’ country that can’t feed it’s population.
Read more: President Barack Obama is Lying about American Oil Reserves – Godfather Politics http://godfatherpolitics.com/4252/president-barack-obama-lying-america-oil-reserves/#ixzz1paNxDeoy
Estherlou's Blog 
“Proven reserves” are an industry standard term. Its a very specific term used by the US SEC, the SPE and other world oil bodies. http://en.wikipedia.org/wiki/Oil_reserves
So taking that very specific definition Obama is actually correct (see the table on that link).
Let’s look at just one of your counter arguments from the IBD. How is a resource of 86 MB in the outer shelf which is ‘yet to be discovered’ – ‘proven’ under any definition, even without taking he very specific definition of ‘proven’ that anyone with any knowledge of the oil industy would know?
Anyhow, I suspect your main thesis is that Obama is lying about something, but you might try and put yourself on a stronger footing before you say so, though. There are plenty of other things that Obama is missing about energy policy, this is not one of them.
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You are criticizing my details…but…they are not mine. I am telling you about someone else’s conclusions. Thanks.
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Ah, so you post whatever you’re told without checking it? Perhaps you should do some vetting of what people tell you first. I’m always embarrassed if someone has told me something false and I just pass it on. That you are doing so and using that to conclude that someone else is lying, well that’s not very fair it it? Regards, Terry
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Wow. I post articles from respected news sources I trust. You are welcome to agree or not. Just sharing alternative conclusions not caustic criticism.
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