Why is Obama Lying About US Oil Reserves?
By. E. Calvin Beisner, MasterResource
Tue, 20 March 2012
“With only 2% of the world’s oil reserves, we can’t just drill our way to lower gas prices,”President Barack Obama said in his weekly address March 10. “Not when we consume 20% of the world’s oil.”
The claim is, if not blatantly false, at best grossly misleading. If the President didn’t know this, some advisors should be dismissed. If he did, he needs to accept the blame and formally correct it.
… 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.