U.S. Geological Survey maintains the world has 3.7 trillion barrels of oil, both tapped and untapped, rather than the 1.7 trillion barrels estimated by some peak-oil theorists. It is now said that the Arctic holds 22% of the world’s untapped oil resources or that estimates that there are 18 billion barrels of untapped oil and 76.5 trillion cubic feet of untapped natural gas in the portion of the OCS of the US which had hitherto been off limits to oil and gas production until President Bush lifted the moratorium in July 2008