With high gasoline prices and rising concerns about dependence on foreign oil, would it surprise you to know that American may have more oil than the known reserves of Iran, Iraq, Russia, or Venezuela? Well that’s the conclusion of a Bureau of Land Management report, provided to Congress, which says our domestic supply may be close to 140 billion barrels of oil. The problem, of course, is that most of it may never be recovered since it lies either offshore, or under national parks or other federal land where drilling is now off-limits, or severely restricted. With Alaska’s ANWR refuge potentially holding as much as 8 billion barrels alone, maybe it’s time for our nation to start tapping more of our own enormous supply.
February 27, 2013 by David Rothbard,
David Rothbard is co-founder and President of CFACT.