Since the oil and gas shale boom, current reserves have been vastly increased. A recent report from Oslo based consultant company Rystad Energy estimates recoverable oil in the US from existing fields, discoveries and yet undiscovered areas amounts to 264bn barrels. The figure surpasses Saudi Arabia's 212bn and Russia's 256bn in reserves.

http://oilprice.com/Energy/Energy-General/US-Has-Worlds-Largest-Oil-Reserves.html

But this article is correct - "it will be the market more than any federal policies that determines the pace of production growth"