According to President Obama: "With only 2% of the world's oil reserves, we can't just drill our way to lower gas prices," he said. "Not when we consume 20% of the world's oil."
The U.S. has 22.3 billion barrels of proved reserves, a little less than 2% of the entire world's proved reserves, according to the Energy Information Administration. But as the EIA explains, proved reserves "are a small subset of recoverable resources," because they only count oil that companies are currently drilling for in existing fields.These recoverable oil reserves amount to an estimated 400 billion barrels, about 18 times what the President claims. Maybe he's just unaware of this fact. Someone should tell him.