Murkowski Comments on Possible Overestimates of Saudi Oil

WASHINGTON, D.C. ¬– U.S. Sen. Lisa Murkowski, R-Alaska, today commented on a surprising report that Saudi Arabia might not have sufficient oil reserves to stabilize global supplies and prices:

“The conventional wisdom is that America can rely on OPEC’s spare capacity to keep world oil prices stable, but there’s increasing evidence that this is a mistake.

“If reports that Saudi oil reserves have been inflated are true, it would be irresponsible and downright dangerous for us to continue to rely so heavily on foreign energy suppliers, while our own resources remain under federal lock and key.

“Alaska could be producing over a million and a half barrels a day more right now, if we were able to access our resources offshore and in ANWR. Instead, federal agencies are forcing Americans to buy that energy from unstable regions, which frequently do not have our best interests in mind.”

CNN reported yesterday that Saudi Arabia’s oil reserves may have been overestimated by as much 300 billion barrels, or nearly 40 percent, according to a leaked U.S. diplomatic cable. http://www.cnn.com/2011/WORLD/meast/02/09/saudi.arabia.wikileaks/index.html?iref=allsearch