With oil soaring over $130 a barrel and average national gas prices climbing towards $4 per gallon, the Department of the Interior today released a study showing that vast untapped oil and natural gas resources exist on public lands in the United States.
Federal lands throughout the United States are estimated to contain 31 billion barrels of oil and 231 trillion cubic feet of natural gas. The BLM administers leasing of onshore Federal oil and gas resources.
The inventory found that 60 percent of the onshore federal lands that have potential as domestic sources for natural gas and oil are presently closed to leasing, making 62 percent of the oil and 41 percent of the natural gas inaccessible for development.
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