It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Thank you.
Some features of ATS will be disabled while you continue to use an ad-blocker.
President Obama has said the U.S. possesses just 3 percent of the world's oil reserves, or about 22.3 billion barrels, writes Investor's Business Daily's John Merline.
However, this figure represents just proven reserves.
But one analyst believes he could be off by almost a trillion.
According to the Institute for Energy Research's calculations the U.S. actually sits on 1.442 trillion barrels of recoverable deposits.
That's over 60 times the amount we usually hear about.
Merline writes that this larger number would be enough to meet all U.S. oil needs for about the next 200 years.
Most of that — an estimated 1.4 trillion barrels — is locked into shale deposits in the Green River Formation in Wyoming. The U.S. recently began holding public hearings about issuing permits to drill there.
One caveat is that refining capacity is nearly full-up; no new refineries have been built in the U.S. in 35 years, although that could soon change
IER is a tax-exempt public foundation and is funded entirely by tax deductible contributions from individuals, foundations and corporations. No financial support is sought for or accepted from the government.[1] According to the liberal watchdog group, Media Matters,[2] since 1996, $110,000 of IER's funding has come from the Claude R. Lambe Charitable Foundation, a trust set up by private energy company Koch Industries. IER also received over $300,000 in funding from ExxonMobil, [3], but Exxon has not given to IER since 2007.[4]
The Institute's CEO, Robert L. Bradley, Jr., was formerly a director of policy analysis at Enron, where he wrote speeches for Kenneth Lay. Bradley has written books indicting Enron's crony capitalism including "Capitalism at Work"[5] and "Edison to Enron."[6]
In December of 2011, IER released the North American Energy Inventory [7], a compilation of total energy in North America. With the North American Energy Inventory, IER showed that the US could be energy independent if the US federal government were to allow for greater domestic energy exploration and production.
IER is also closely affiliated with the American Energy Alliance
The American Energy Alliance (AEA) was founded in 2008 by Thomas Pyle, who previously lobbied on behalf of the National Petrochemical and Refiners Association and Koch Industries and who previously worked for Congressman Tom Delay (R-TX), when Delay served as Whip and before Delay, as House Majority Leader, stepped down from the U.S. House of Representatives under an ethical cloud.
FoundationsFred C. and Mary R. Koch Foundation (1953[8])
Charles G. Koch Charitable Foundation (1980[9])
David H. Koch Foundation[10]
Koch Cultural Trust (founded 1986 as Kansas Cultural Trust, renamed in 2008[11])
Claude R. Lambe Charitable Foundation[3]
Originally posted by ImaMuslim
And yet they're as far as in the Middle-East killing thousands of people just for oil when there's a trillion barrels under them? Oh please, give me a break. It's like saying China's biggest income is made by importing.
Originally posted by Chewingonmushrooms
IER is a tax-exempt public foundation and is funded entirely by tax deductible contributions from individuals, foundations and corporations. No financial support is sought for or accepted from the government.[1] According to the liberal watchdog group, Media Matters,[2] since 1996, $110,000 of IER's funding has come from the Claude R. Lambe Charitable Foundation, a trust set up by private energy company Koch Industries. IER also received over $300,000 in funding from ExxonMobil, [3], but Exxon has not given to IER since 2007.[4]
The Institute's CEO, Robert L. Bradley, Jr., was formerly a director of policy analysis at Enron, where he wrote speeches for Kenneth Lay. Bradley has written books indicting Enron's crony capitalism including "Capitalism at Work"[5] and "Edison to Enron."[6]
In December of 2011, IER released the North American Energy Inventory [7], a compilation of total energy in North America. With the North American Energy Inventory, IER showed that the US could be energy independent if the US federal government were to allow for greater domestic energy exploration and production.
IER is also closely affiliated with the American Energy Alliance
en.wikipedia.org...
The American Energy Alliance (AEA) was founded in 2008 by Thomas Pyle, who previously lobbied on behalf of the National Petrochemical and Refiners Association and Koch Industries and who previously worked for Congressman Tom Delay (R-TX), when Delay served as Whip and before Delay, as House Majority Leader, stepped down from the U.S. House of Representatives under an ethical cloud.
www.sourcewatch.org...
FoundationsFred C. and Mary R. Koch Foundation (1953[8])
Charles G. Koch Charitable Foundation (1980[9])
David H. Koch Foundation[10]
Koch Cultural Trust (founded 1986 as Kansas Cultural Trust, renamed in 2008[11])
Claude R. Lambe Charitable Foundation[3]
en.wikipedia.org...
Yep totally trustworthy....
edit on 20-3-2012 by Chewingonmushrooms because: (no reason given)edit on 20-3-2012 by Chewingonmushrooms because: (no reason given)
Originally posted by jrmcleod
Of course the US is sitting on the worlds largest reserves. Think about it logically.
The US invades other countries, steals their oil, pushes the price through the roof...then when the oil is disappearing, probably after WWIII and the population of the planet is around half, the US will announce the discovery of a huge oil reserve in their country, the world will have to beg for it from the US...thus keeping the power and control with them...
Makes perfect sense to me.
Originally posted by Talltexxxan
Drill baby Drill
Originally posted by Talltexxxan
Drill baby Drill
I'm in the oil and gas industry and weather people like it or not the way our society is now (and for the foreseeable future) we are dependent on oil.
Im all for alternative fuel sources and I really believe that our true technology behind our energy sources are being hidden and kept secret from the masses. But what people need to realize is that we use oil for much much more than just lubricating and fuel.
We use oil/petroleum for plastics, vitamins, fertilizers, cloths, detergents, food additives to increase shelf life, make-up, ink and film to just name a few.
So as much as I want to see alternitive fuel sources come to frution, we still need oil in our everyday lives.edit on 20-3-2012 by Talltexxxan because: (no reason given)
Originally posted by canselmi
Originally posted by Talltexxxan
Drill baby Drill
I agree. The truth is that alternative energy solutions are just not ready yet. I'm all for developing those technologies, but in the mean time, we still need oil. And it will be a long, long time before renewable energy can even come close to meeting our demands.
For example, to power a typical American house, you would need a solar panel that is 285 square feet. Plus you would need a battery and other items to store energy for cloudy days. To get all of this, you're looking at around $32,000. Source
That would take you 15-20 years just to break even on your investment. And that's just for the energy we use at home, not including work, the grocery stores and all the other places we visit. In other words, the technology of solar panels just isn't advanced enough yet for it to be an alternative source of energy. Maybe it will be one day, but in the mean time we still need oil.
Originally posted by nixie_nox
how much oil is under the grounds is just a guess. No one knows for sure how much there is. That is why it is a gamble.
Are you willing to pollute and tear up Wyoming on a guess?
Originally posted by nixie_nox
how much oil is under the grounds is just a guess. No one knows for sure how much there is. That is why it is a gamble.
Are you willing to pollute and tear up Wyoming on a guess?
Originally posted by nixie_nox
how much oil is under the grounds is just a guess. No one knows for sure how much there is. That is why it is a gamble.
Are you willing to pollute and tear up Wyoming on a guess?