Energy Policy: Lots of Heat, No Light The president has repeatedly asserted that the United States cannot possibly produce the amount of oil that it consumes. To support this claim, he points to the relatively small level of proven reserves within the United States' borders, and emphasizes that this small reserve could not possibly fulfill America's enormous consumption. But this misleads the American public because it disguises the meaning of "proven reserves" and misleads citizens to believe that there remain no undiscovered oil assets, says Irwin Stelzer, director of economic policy studies at the Hudson Institute. In 2000 it was estimated that reserves that fit the Obama definition totaled some 20 billion barrels. Over the next 10 years, oil producers in the United States produced approximately 20 billion barrels, and yet the end-decade estimate of proven reserves was still 20 billion barrels. Furthermore, an element of this misleading claim on the part of ...