Quote:
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"we have 3% of the world's oil reserves and we use 25% of the world's oil. So what that means is that we can't simply drill our way out of the problem."
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He has said it a few times and it has become a standard Democrat talking point . But is it the truth ?
Well his assertion about the usage is generally correct . We do use about 25% of the oil consumed worldwide. That is largely due to the fact that we produce about 28% of the worlds goods and service.
But his numbers about our reserves are completely out of date and McCain should challenge them on the stump and in the next debate .
Current estimates that the US has 20 billion of the 1.3 trillion barrels of the world's crude reserves do not include the 1.2 trillion to 1.8 trillion barrels of shale oil in the Green River Formation ;200 billion barrels of oil below shale in the Bakken Formation ,the 130 billion barrels off our coasts that Congress had placed off limits;and 10 to 20 billion barrels untapped in ANWR .Currently, the United States is the only industrialized country in the world not actively seeking to explore new offshore resources.
Once Canada was locked in as the 21st largest Oil reserves. Then when they began to tap into the 175 billion barrels from the Alberta tar sands they jumped to 2nd. Canada is now our largest oil supplier.
Now I agree that drilling is only a part of the solution to the goal of energy independence . But it is a step we could begin to take immediately . The Democrats should not be allowed to make their claim to a national audience unchallenged.
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