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

“We’ve embargoed our own supplies.”

Investor’s Business Daily reports:

…All told, the U.S. has access to 400 billion barrels of crude that could be recovered using existing drilling technologies, according to a 2006 Energy Department report.

When you include oil shale, the U.S. has 1.4 trillion barrels of technically recoverable oil, according to the Institute for Energy Research, enough to meet all U.S. oil needs for about the next 200 years, without any imports.

And even this number could be low, since such estimates tend to go up over time…

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