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The talking point . . .  “the problem is we use more than 20 percent of the world’s oil and we only have 2 percent of the world’s proven oil reserves” has become a standard for Obama on the stump. Ad infinitum, he has exploited the amount of black gold buried within our nation’s borders to substantiate his energy policies.

But a U.S. Geological Survey released Wednesday paints a seemingly different picture. The analysis showed the world outside of the U.S. holds 565 billion barrels of undiscovered conventional oil — it was the first such study in 12 years. The study did not addressU.S.resources, but a prior analysis by the Energy Information Administration pegged the country’s supply at 198 billion barrels. That works out to 26 percent of the world supply.

The president’s own administration has released a report which reveals that the United States has 26 percent of the world’s technically recoverable conventional oil resources, and that’s not including our enormous oil shale, tight oil and heavy oil resources.  This report from the U.S. Geological Survey is vindication for anyone who thought that President Obama’s claims … are less than honest.

Read more: http://www.foxnews.com/politics/2012/04/19/republicans-say-new-study-belies-obama-claim-us-has-2-percent-world-oil/#ixzz1sXfiAdaP

 
 
 
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