Gulf of Mexico Production Down, U.S. Oil Imports Up
Under American law, there is another category of petroleum in the ground called "undiscovered technically recoverable oil." I believe this category is also limited to areas that are legally available for development, but nevertheless, this category encompasses an enormous amount of energy:
Undiscovered technically recoverable oil in the United States is 145.5 billion barrels, and undiscovered technically recoverable natural gas is 1,162.7 trillion cubic feet. The demonstrated reserve base for coal is 488 billion short tons, of which 261 billion short tons are considered technically recoverable.
The Institute for Energy Research writes:
"In a recent report, CRS [the Congressional Research Service] said that the U.S. has 19.1 billion barrels of proven reserves, which is the number President Obama cites as 2% of the world's oil. CRS, however, showed that between our proven reserves and oil predicted to be found, there is likely to be a combined 164.1 billion barrels, or 8.5 times as much as the president alleges. And this figure doesn't include oil shale, which has recoverable reserves of 1 trillion barrels, according to DOE."
With respect to energy, Barack Obama is a fraud. In reality, he is a tool of the environmentalist, anti-growth, anti-wealth Left. All the while, he is doing everything he can to prevent America from developing its own energy resources, employing many thousands of people in high-paying jobs, boosting our economy, and ending our reliance on the Saudis.