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Keyword: usdrilling

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  • Scarce Oil? U.S. Has 60 Times More Than Obama Claims

    03/14/2012 12:51:06 PM PDT · by IBD editorial writer · 55 replies
    Investor's Business Daily ^ | 03/14/2012 | John Merline
    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% of the world's oil reserves." Which meant, he said, that the U.S. couldn't affect global oil prices....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...