RE:RE:RE:EIA: Us Proven oil reserves down by 19%, from 2019 to 2020In 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 least a decade. For the states they have to keep drilling as a soon as a well is tapped it decreases in amount produced. The amounts they have are finite and their reserves are depleting faster than any other countries. They have extracted 30 billion barrels from the Permian basin already.
LiLy2021 wrote:
MaximusGainus wrote: 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.
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's also been ramping up all kinds of crazy activities in the South China Sea for God-knows-what.
I can't believe that oil is not reaching $100 soon.