March 15, 2012

Exposing the 2 Percent Oil Reserves Myth

Institute for Energy Research, Institute for Energy Research


AP

"The United States holds only 2% of the planet’s proven oil reserves,” President Barack Obama"

According to President Obama, the United States contains only 2 percent of the planet’s proven oil reserves, Of course, he’s right — to a point. In classic fashion, he’s using a technicality to skirt the facts and keep the myth of energy scarcity alive. The reality is that the U.S. has enough recoverable oil for the next 200 years, despite only having 2 percent of the world’s current proven oil reserves. . .

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TAGGED: Oil Prices, Oil, Strategic Petroleum Reserve, Petroleum, Institute For Energy Research

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