Earlier this month, the Congressional Research Service released a report detailing world energy reserves. The report shows the United States sits upon the largest reserves on Earth.
The U.S. has 1,321 billion barrels of oil – or barrels of oil equivalent when you combine recoverable natural gas, oil and coal reserves. Following behind a close second is Russia with 1,248 billion barrels.
Our own Sen. Jim Inhofe was responsible for the report and had this to say:
"Our overwhelming coal, natural gas and oil resources represent tens of trillions of dollars in wealth and millions of American jobs."
The report noted that the United States has only produced about 13 percent of its oil reserves, roughly 21 billion barrels. That leaves an abundance of resources left to provide for our energy needs.
Sen. Inhofe says this report proves we have plenty of domestic energy and that we need policies that promote the production of that energy.
"Whether through decree or purposeful inaction, government policies that unnecessarily restrict or prevent our ability to responsibly produce these domestic resources are threatening, and could eventually undermine, our nation's economic and national security. We should pursue a strategy that advances new energy technologies but also prioritizes developing the resources we have today," said Inhofe.
Related Stories »