ENER The US Now Has More Oil Reserves Than Saudi Arabia or Russia

[Housecarl]

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Posted for fair use.....
http://www.thefiscaltimes.com/2016/07/05/US-Now-Has-More-Oil-Reserves-Saudi-Arabia-or-Russia

The US Now Has More Oil Reserves Than Saudi Arabia or Russia

By Suman Bhattacharyya, The Fiscal Times
July 5, 2016

The shale boom has catapulted the U.S. energy industry to new heights: A new estimate shows that America is now the world’s No. 1 in oil reserves.

The independent estimate by Rystad Energy shows that the U.S. holds 264 billion barrels of recoverable oil from existing fields, discoveries and yet undiscovered fields. This beats out second-place Russia (256 billion barrels), Saudi Arabia (212 billion barrels) and Iran (143 billion barrels), according to the Norway-based oil and gas consultancy.

Just three years ago, the U.S. was behind Russia, Canada and Saudi Arabia, but discoveries in the Permian Basin of Texas and New Mexico have pushed America’s ranking ahead of those countries, Rystad analyst Per Magnus Nysveen explained in an interview with The Financial Times. Texas alone holds more than 60 billion barrels of shale oil, according to Rystad data. Hydraulic fracturing and other new technologies have helped the U.S. extract more oil in recent years.

Related: Oil-Rich States Face Multibillion-Dollar Budget Crunch

Rystad, which analyzed 60,000 fields worldwide over a three-year period, estimates global crude oil reserves at 2.1 trillion barrels, 70 times the current annual production rate of 30 billion barrels.

Other data sources on global oil reserves, such as the BP Statistical Review, still show America trailing Saudi Arabia, Russia, Canada, Iraq, Venezuela and Kuwait. However, Rystad explains that these numbers are often based on “a diverse and opaque set of standards.”

Despite America’s vast reserves of recoverable oil, the cost of extracting that oil still allows lower-cost producers such as Saudi Arabia and Russia to secure a larger share of the global market. The Saudis and Russians are able to produce oil at less than $10 per barrel, a fourth of the cost of American oil.

http://cdn.thefiscaltimes.com/sites/default/files/TopTenFinalChart.png

 

[Blacknarwhal]

Buy other people's oil dirt-cheap with the petrodollar, and then when they run out, sell our own for huge profits.

 

[4bears]

Buy other people's oil dirt-cheap with the petrodollar, and then when they run out, sell our own for huge profits.

This. I have often wondered if this is the plan.

 

[nomifyle]

Buy other people's oil dirt-cheap with the petrodollar, and then when they run out, sell our own for huge profits.

sounds like a plan.

Judy

 

[Housecarl]

Buy other people's oil dirt-cheap with the petrodollar, and then when they run out, sell our own for huge profits.

Heck, I remember my dad saying that in the 1970s as a kid.

 

[Blacknarwhal]

It also ensures the petrodollar remains the global reserve currency. All of Russia and China's posturing about buying oil in gold or local currency sort of loses its force when the only one selling oil is selling in dollars.

 

[Oilpatch Hand]

Despite America’s vast reserves of recoverable oil, the cost of extracting that oil still allows lower-cost producers such as Saudi Arabia and Russia to secure a larger share of the global market. The Saudis and Russians are able to produce oil at less than $10 per barrel, a fourth of the cost of American oil.

The study estimate of 264 billion barrels of recoverable oil sounds much more promising than it actually is.

1) They're apparently including resources yet to be discovered. If a field hasn't been discovered yet, how can you estimate the recoverable oil in place? The short answer is that you cannot.

2) Even assuming the 264 billion barrel estimate is in any way valid...much of that purported resource base would only be recoverable at an exorbitant per-barrel cost, which would render it non-competitive from a price standpoint (see bolded portion above).

 

[Millwright]

Buy other people's oil dirt-cheap with the petrodollar, and then when they run out, sell our own for huge profits.

Or after Israel turns the arab countries into a glowing moonscape that is uninhabitable for a long, long time.

 

[Blacknarwhal]

Or after Israel turns the arab countries into a glowing moonscape that is uninhabitable for a long, long time.

Also a possibility, though if Israel surrounded itself with that much radioactivity, Israel might not be all that habitable itself. Of course, it IS west of most of its targets, so maybe the prevailing wind would keep the fallout pushing toward India.

 

[Troke]

I guarantee that the Cultural Left will use every power of the gov to put this stuff off limits, like it was done with low sulfur coal out West.l

Unfortunately (for them) much is privately owned. So the next thing is to ban fracking at the State level, which some States have done.

In other words, a lot of that capability will not be available.

 

[Blacknarwhal]

I guarantee that the Cultural Left will use every power of the gov to put this stuff off limits, like it was done with low sulfur coal out West.l

Unfortunately (for them) much is privately owned. So the next thing is to ban fracking at the State level, which some States have done.

In other words, a lot of that capability will not be available.

Given the recent shifts in the pendulum, the Cultural Left's power may be on the decline.

 

[Troke]

Given the recent shifts in the pendulum, the Cultural Left's power may be on the decline.

Only until we have replaced a majority of the judiciary who, when the CW come in with their frivolous claims, throw them out.

Right now they honor them, causing the defendants gobs of legal fees even if they win. Never forget "Delay is the deadliest form of denial"

 

[Blacknarwhal]

Only until we have replaced a majority of the judiciary who, when the CW come in with their frivolous claims, throw them out.

Right now they honor them, causing the defendants gobs of legal fees even if they win. Never forget "Delay is the deadliest form of denial"

A Trump presidency would likely take care of that at the Supreme level.

 

[Housecarl]

Also a possibility, though if Israel surrounded itself with that much radioactivity, Israel might not be all that habitable itself. Of course, it IS west of most of its targets, so maybe the prevailing wind would keep the fallout pushing toward India.

Depends on airburst v ground burst and how "clean" the weapons used are....

 

[Southside]

Heck, I remember my dad saying that in the 1970s as a kid.

When the USA started capping wells all over the country in the 70's & 80's, it is what I thought.

Southside

 

[SquonkHunter]

Buy other people's oil dirt-cheap with the petrodollar, and then when they run out, sell our own for huge profits.

Heck, I remember my dad saying that in the 1970s as a kid.

When the USA started capping wells all over the country in the 70's & 80's, it is what I thought.

Southside

I saw plenty of shallow oil wells drilled, proved out and capped in Central Texas in the late '70s and early '80s. To the best of my knowledge, those wells have never been reactivated and put into production. In this same area there are also huge natural gas reserves that sit untapped because the existing pipelines in the area are already operating at peak capacity and can take no more product. So it just sits there, waiting for some day in the future when someone finally decides to bring it into production. I know this because I am an heir to a tiny portion of any such future production in that area and would directly benefit from it, assuming I live long enough to see it. Oh, well.

 

[ShadowMan]

Buy other people's oil dirt-cheap with the petrodollar, and then when they run out, sell our own for huge profits.

Believe it or not....THAT'S been the plan all along. I first heard this from my Geology Professor in the 70's. His summer time job was working on methods of revitalizing old oil fields, which apparently he was very good at. Back then in just what we had in proven oil fields he said that the US could be totally oil independent until at least the middle of the next century (i.e. 2050). That didn't count known or newly discovered fields. Remember we virtually shut down all off shore drilling on the West Coast and there are some huge fields there.

I asked him why if the US had so much oil did we even bother buying foreign oil. His answer was that we (the US) would hold on to our reserves while using up the rest of the world's oil, whatever the cost. Then when they ran out we (the US) would become the new OPEC and we could charge them through the nose whatever we wanted. All that money they thought they made from us.....we get back in spades!!

BTW....Saudi Arabia has been claiming the same amount in oil reserves for decades. Well you can't pump oil out of the ground without depleting what's there. I've read where it is estimated that Saudi Arabia could go bankrupt for oil in the next decade or so, perhaps even sooner. Then all they'd have is sand. We don't need sand.

 

[SquonkHunter]

Believe it or not....THAT'S been the plan all along. I first heard this from my Geology Professor in the 70's. His summer time job was working on methods of revitalizing old oil fields, which apparently he was very good at. Back then in just what we had in proven oil fields he said that the US could be totally oil independent until at least the middle of the next century (i.e. 2050). That didn't count known or newly discovered fields. Remember we virtually shut down all off shore drilling on the West Coast and there are some huge fields there.

I asked him why if the US had so much oil did we even bother buying foreign oil. His answer was that we (the US) would hold on to our reserves while using up the rest of the world's oil, whatever the cost. Then when they ran out we (the US) would become the new OPEC and we could charge them through the nose whatever we wanted. All that money they thought they made from us.....we get back in spades!!

BTW....Saudi Arabia has been claiming the same amount in oil reserves for decades. Well you can't pump oil out of the ground without depleting what's there. I've read where it is estimated that Saudi Arabia could go bankrupt for oil in the next decade or so, perhaps even sooner. Then all they'd have is sand. We don't need sand.

I had a history Prof in the early '80s that actually said "...it is all our oil and we are just letting them (Arabs) tend it for us." Imagine the reaction from the Muzzies if someone said that today!