Obama: 2% of Oil Reserves, But We Use 25% - Math That Doesn't Add Up

My first thought when I heard that was, how is it that we only have 2% of world's oil reserves, use 25% of the total worldwide amount of oil used, yet can get by with importing only 50% of our total oil usage?

Then I came across the following article from Fox Business:

Gas prices shot up 18 cents on average nationwide over the past two weeks, according to the latest Lundberg survey.


That puts the average cost of regular gas at $3.69 a gallon. Of course, many of you around the country are already paying over $4.


President Obama, members of his administration, Democrats in Congress, and his allies on the left all make the same case: we can't "drill our way" out of this problem.


They say we use a quarter of the world's oil, but only have 2% of the world's oil reserves. So, do the math.


They say it's impossible, but here's how he gets to that mythical 2%.


For simplicity, we'll call it Obama's big oil lie because that's what it is.


They're only counting proven oil reserves.


The truth is that 2% oil reserves figure is whatever the government says it is.


Here’s the official definition from the non-partisan Congressional Research service.


Proven reserves are: "certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions."


The key word there is "existing" conditions.


The U.S. has around 20 billion barrels in proven reserves, but the amount of undiscovered so called "technically recoverable" oil is over seven times that.


Those are the government's own figures!


And we can get that oil using today's technology. In fact, the U.S. has nearly 1.5 trillion barrels of oil. That's enough to fuel the present needs in the U.S. for around 250 years, according to the Institute for Energy Research.

Finish Reading at Fox Business

-- Political Pistachio Conservative News and Commentary