Looks like Obama was hit by a bus of common sense:

Obama says, "Drill baby drill"

oil by country

Hit by the rich maybe. Drill all you want- but the US doesn't really hold any cards in the oil biz.

So lets just sell the tiny bit of oil we have! Then we can be at the mercy of the world market as we will have none! Yeah. that's a good plan!

Interesting to see how China and the US are in the same boat oil reserve wise.

Bio, 20 years ago they said the world would run out in 20 years. Still hasn't happened, all the while we are still affected by world events related to oil production.

I'm just amazed by the hypocrisy in shutting down our off shore drilling while at the same time encouraging Brazil to drill off their shore all the way paving the way for Brazilian companies to get loans for these efforts. What about supporting American companies with American workers?

I suppose you could say we are ‘saving’ our oil for when the rest of the world runs out. Unfortunately, you can’t just flip the switch overnight and if we are the only country left with significant reserves, the countries that want them won’t stop at knocking at our door.

Actually peak oil was when M King Hubbert accurately predicted peak oil production in the US in his 1956 groundbreaking research. Maybe that's what you are referring to because I don't recall anyone saying we would "run out of oil"- it just gets more and more expensive as supply dwindles and demand climbs. My point is that we don't have enough oil reserves to make a difference- drilling our way out of foreign dependence is spin as is Obama's recent directive that we shall rely on green energy sources like "clean" coal, natural gas, nuclear, etc.

True dat.