This evening on FoxNews' Special Report Jim Angle confirmed what I had written in Obama's 2% Falsehood. Obama and his spokesmen are deliberately misleading the American public with the ludicrous claim that the US has only two percent of the worlds oil reserves.
The "proven reserve" number is calculated once drilling begins and is often updated several times as this article from the Williston, North Dakota Herald indicates.
Although we were pretty much already aware of it, Sen. John Hoeven confirmed our suspicions that the latest study by the U.S. Geological Survey of the Bakken and Three Forks formations, once completed, will reveal more recoverable oil than the 4 billion barrels currently estimated.
Oil companies have been saying the same thing for more than a year, and their ever-increasing success shows it.
Notice that the graphic below was produced by Obama's own Department of Energy along with the Rand Corporation.