Suncor Energy Inc. T.SU

EIA: Us Proven oil reserves down by 19%, from 2019 to 2020

[MigraineCall]

An incredibly massive drop reported.

https://twitter.com/EIAgov/status/1482757790523351040

https://www.eia.gov/naturalgas/crudeoilreserves/


Proved reserves of crude #oil and lease condensate decreased by 9 billion barrels in 2020, a decline of 19%.

Proved reserves of #naturalgas decreased by just over 22 trillion cubic feet, a decline of 4%. https://go.usa.gov/xtjG9







 

[MaximusGainus]

Wow. If this data is true, it does explain why Biden is pushing his energy transition so hard and telling other countries to increase their production, instead of getting the US domestic energy producers to ramp up. They know they will need every drop of oil for the future as the US is quickly running out. Not only is the energy transition a slow, difficult, and expensive undertaking, they might

[LiLy2021]

  It's not just the US. I follow China very closely ;-).  I read everything about it. China is also in dire straits.  Its ambition is to overtake the world and be the number one economy. It can't get there without meeting the demand for oil and no oil means no economic growth. China has been sitting on hot stove and that explains my hyperactivity (oh gosh!) on oil. It'

[NPCexe]

US will make a deal with Iran in 2022. Unless Iran and Saudi's relationship means another deal will be made to make the US beg for oil

[MigraineCall]

I'm not a middle east expert, but from what I know, I don't see a deal happening. The Iranian regime is the enemy of the US, Israel, Saudis, Israel, and many gulf producers. Iran has also proven they can't be trusted. Regime change is their goal, and it is less likely with a well fed and content population, so the people still suffer bearing the brunt of sanctions. Many countries

[NPCexe]

I'm no expert either but I do know that a US population will be extremely disgruntled by $100 oil and Biden might have to bite the bullet and make deals with devils while also pretending such a deal would stabilize the region. They are close to a deal now supposedly, but then again they've been close to a deal for at least 2 years now. Also, the Iran-Saudi relationship has thawed as they

[autofocus111]

Migraine "Iran has also proven they can't be trusted." If any country has proven that, it's the USA, not Iran.

[MigraineCall]

That is why Iran is taking the position insisting on legally binding the US to an agreement, a major stumbling block to a deal being done. In 4 years, Trump has done more than any other president to destroy what little trust and reputation the US had remaining globally, and withdrew support leaving countries that relied on them hanging out to dry, and the Chinese gladly moved in to take their

[mrbb]

i think ukraine quagmire is playing into china's hand. The more US get entangled with russia over ukraine, the more doubt the US allies (Japan, Taiwan, south korea) have on the US ability to defend them from china, and open up window of opportunity for china to take taiwan and rises up as new hegemon of asia.

[MigraineCall]

You got that right. Everything seems to play into China's hand. They are cunning, looking for opportunity, always on their long game, to win. Living in Asia, where many Chinese take holidays, I have learned a lot about their behaviour. I would suggest anyone sent to negotiate with the Chinese should be first trained to eat with them at a hotel buffet. You may be twice the size, but they are

[Experienced]

Bang on Migraine. I recall being involved in International negotiations sponsored through a Committee of the United Nations in Geneva back in the 1970s.  I noticed that the head of the Zambian delegation was a very smart man and was eating the Americans for lunch at the negotiating table.  I asked him to have lunch with me and he kindly accepted. At lunch, I commented about my

[LiLy2021]

This is horrible!  I can't believe you had to go this far just to "fight" for your food, especially coming from a country where obesity is an endemic. I don't eat buffet because I don't like buffet. I eat very little and when I see food piling up like fodder, it just dampens my appetite. I grew up poor, and there was hardly enough food to eat, but I was never

[mrbb]

One can see many youtube videos showing how mainland chinese tourists hoarding food at the buffett and misbehavingr outside of china.  Yes, it's a behavior issue and it's all stem from decades ruling under CCP. When the gov't is corrupt and heartless, so will be their people. All chinese still have ghost fear memory of the great china famine. Chinese cultural revolution have

[mrbb]

the latest shot is blaming canada for the source of omicron in beijing through a canadian mail package as china claimed.  China knows our PM choo doh is spineless and gutless. Maybe this is the latest shot for canada joining other countries to not send gov't officials to the beijing olympic.  Canada is an easy western target for china. 

[bigbear4511]

In 1970 the US had 38 billion barrels of oil from their estimates. Now they have 38 billion barrels of proven reserves, because they keep finding new reserves that before were unavailable to be extracted.  If they have 40 billion barrels or so it would take 10 years to use that up as the states uses 4 billion of its reserves a year.  So they are not quickly running out, as they have at