He Thinks You’re Stupid… Obama Repeats Myth About US Oil Reserves

It’s pretty sad when your campaign is based on people being stupid.
Barack Obama continued to repeat the myth today that the US has only 2{c18972fae7bad54fccba2a5109f73c6e4ffe73508739d7249e14c4c49d351322} of the world’s oil reserves.
Not true.

The AFP reported:

Obama warned supporters that they would likely soon hear Republican calls of “drill, drill, drill” as election season heats up, and but warned that solely relying on new oil exploration would not solve America’s energy woes.

“America uses more than 20 percent of the world’s oil. If we drilled every square inch of this country …. we would still have only two percent of the world’s known oil reserves.

“If you have got two and you have got 20, there is a gap.”

For the record… The US has 60 times the oil Obama claims.
Investor’s reported:

When he was running for the Oval Office four years ago amid $4-a-gallon gasoline prices, then-Sen. Barack Obama dismissed the idea of expanded oil production as a way to relieve the pain at the pump.

“Even if you opened up every square inch of our land and our coasts to drilling,” he said. “America still has only 3{c18972fae7bad54fccba2a5109f73c6e4ffe73508739d7249e14c4c49d351322} of the world’s oil reserves.” Which meant, he said, that the U.S. couldn’t affect global oil prices.

It’s the same rhetoric President Obama is using now, as gas prices hit $4 again, except now he puts the figure at 2{c18972fae7bad54fccba2a5109f73c6e4ffe73508739d7249e14c4c49d351322}…

…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.

The U.S. has 22.3 billion barrels of proved reserves, a little less than 2{c18972fae7bad54fccba2a5109f73c6e4ffe73508739d7249e14c4c49d351322} of the entire world’s proved reserves, according to the Energy Information Administration. But as the EIA explains, proved reserves “are a small subset of recoverable resources,” because they only count oil that companies are currently drilling for in existing fields.

When you look at the whole picture, it turns out that there are vast supplies of oil in the U.S., according to various government reports.

Read more here.

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