Energy 1.0 Some US companies claim they can only compete for 7 percent of the world oil reserves

HATCH: I want to get into that. In other words, we're talking about Utah, Colorado and Wyoming. It's fair to say that they're not considered part of America's $22 billion of proven reserves. HOFMEISTER: Not at all. HATCH: No, but experts agree that there's between 800 billion to almost 2 trillion barrels of oil that could be recoverable there, and that's good oil, isn't it? HOFMEISTER: That's correct. HATCH: It could be recovered at somewhere between $30 and $40 a barrel?