U.S. Contains Enough Reserves to Fuel Country for Decades, Petroleum Institute Says

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CNSnews:


(CNSNews.com) – Jack Gerard, president and CEO of the American Petroleum Institute, said that if the Obama administration and Congress would allow the industry access to domestic oil and natural gas reserves, the United States would get the energy it needs, create hundreds of thousands of jobs, and the government would add more than $1.7 trillion to its coffers.

“The state of American energy must be strong in order for the American economy to thrive,” said Gerard in a speech at the Newseum on Tuesday. “How then do we strengthen the state of American energy?”

“For starters, there are vast reserves of domestic resources that are currently off-limits to exploration and production: billions of barrels of oil and trillions of cubic feet of natural gas ... onshore and off,” Gerard said. “And those estimates are most likely conservative given our past experience and new advanced technologies.”

It is estimated that the United States has enough natural gas to fuel 100 percent of current domestic demand for at least 90 years. In addition, the United States produces about 2 billion barrels of crude oil per year, according to the API.