Not sure where he's getting his data from, but the
U.S. Energy Information Administration's own outlook shows that the US has less than 2% of the proven oil reserves.
Obama isn't lying, but I think the key difference is "Proven oil reserves"
Quote:
|
Whereas proved reserves include only those estimated quantities of crude oil from known reservoirs, they are only a subset of the entire potential oil resource base. Resource base estimates include estimated quantities of both discovered and undiscovered liquids that have the potential to be classified as reserves at some time in the future. The resource base may include oil that currently is not technically recoverable, but could become recoverable in the future as technologies advance.
|
The U.S. may have more oil than is counted on, but that's because the oil is too difficult or much too costly to extract.