America @ $100/Barrel: How Long Will the Oil Last?

These days everyone is worried about oil. The primitive black goo has been linked to climate change, economic disruption and other problems, but make no mistake: We still need oil, and lots of it. Not only is American demand rising


The Relentless Search

There has not been a major find on U.S. soil since Prudhoe Bay in 1968, which means most major exploration has moved to the deep waters of the Gulf of Mexico, where drilling and production are difficult and expensive. Last year, a Chevron-led consortium announced the discovery of the Jack field, 270 miles off Louisiana. It may hold 15 billion barrels, which would more than double domestic reserves. “The technology that is being brought to bear is phenomenal,” says energy writer Robert Bryce, author of Gusher of Lies. “What we are seeing today in offshore drilling is the terrestrial version of the space program.” Bryce is among those pushing to open offshore leases along the East and West coasts currently under federal moratorium but estimated to hold as much as 19 billion barrels of oil and 86 trillion cu. ft. of natural gas.

Tapping vast unconventional sources that don