Saudi reserves are about 261 billion barrels. U.S. reserves are less than a 10th of that, about 22 billion barrels.
>>> Saudi reserves are about 261 billion barrels. U.S. reserves are less than a 10th of that, about 22 billion barrels.
He might have been referring to the U.S. oil reserves tied up in shale, which are estimated to be about one trillion barrels, or the equivalent of all worlds oil reserves extractable by conventional methods. I did not listen to Hannity's program today, so I am only speculating.
I didn't hear Hannity, but I strongly suspect he's referring to some recent articles about vast oil shale deposits which may now be economically viable to develop. Estimates I have seen is that the Green River corner of CO/UT/WY has 3 times the Saudi reserves, and Canada also has more than the Saudis (IF oil shale production proves economical enough). Shell Oil has a new process which they claim is very effective and will be economically viable with oil above $30 per barrel. I have seen some estimates that say Canadian companies are already producing from oil shale at $15/barrel, which would be truly great news if true. Production costs should come down with mass production and new inventions, one hopes. Of course, the Saudis and the rest of OPEC may be able to force the price back below $30 per barrel for awhile to block US energy independence, but that won't work in the long run. Also, as a matter of national security the US government should consider various measures to make imported oil a lot more expensive relative to domestic production (one of the few points on which I would support government intervention in the economy -- to reduce the outflow of our billions to the Islamo-fascists).