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Page added on July 6, 2016
US oil reserves larger than those of Saudi Arabia or Russia
The United States has overtaken industry giants Saudi Arabia and Russia in recoverable oil reserves, an international study released Monday says.
The U.S. is sitting on 264 billion barrels, 8 billion barrels more than Russia and 52 billion more than Saudi Arabia, the dominant member of the Organization of Petroleum Exporting Countries (OPEC), according to the report by Rystad Energy, a respected oil and gas consulting firm based in Oslo.
Three years ago, the U.S. was behind Russia, Saudi Arabia and Canada in Rystad’s estimates of recoverable oil — barrels that are technologically and economically feasible to extract.
“It is an encouraging study,” said Saeed Irani, president of Irani Engineering, a Sacramento company that is one of the state’s leaders in oil field operations. “It shows that even though our economy is so vast and diverse, oil is still going to play a big part in it.”
The big jump for the U.S. largely stems from technological advancements such as hydraulic fracturing and horizontal drilling that squeeze oil and gas from shale formations.
Starting in the mid-2000s, shale from places such as the Bakken formation in North Dakota and the Permian Basin in Texas helped reverse a long-term trend of flattening oil production in the U.S.
Poring over data from more than 60,000 oil fields across the globe, the Rystad Energy study reported overall global reserves of 2.1 trillion barrels. It said more than half the remaining reserves in the U.S. are in unconventional shale oil.
By itself, Texas holds more than 60 billion barrels of shale oil, rivaling all of Mexico.
Oil experts say the figures should be viewed in context of the price at which reserves are worth exploiting.
“It’s not like a hard number,” said James D. Hamilton, an economics professor at UC San Diego. “It’s a function of economics.”
Although oil prices have recovered since hitting a low of $27 a barrel in February, the price for West Texas Intermediate — the benchmark price for domestic crude — fell nearly 5% amid global market jitters Tuesday to $46.60 a barrel.
That’s a far cry from the $100-a-barrel mark oil enjoyed in June 2014.
“I don’t think much of [the reserves are] going to be produced if the price were to stay below $50,” Hamilton said. “But if it goes back to $100, there’s quite a bit of oil that can be produced for a number of years from the United States.”
Although California has a reputation as the leader among U.S. states for renewable energy production, it has also long been among the nation’s biggest oil producers.
According to the U.S Energy Information Administration, California’s crude oil production is the third-largest in the country, trailing only Texas and North Dakota and ahead of Alaska.
But the shale revolution has largely passed California by. Irani cited regulations on hydraulic fracturing that are stricter than in most states and challenges to advanced drilling techniques in the Monterey Shale formation in the Central Valley.
“Even though [the Monterey formation] produces oil, it [also] produces a lot of water,” Irani said. “And especially at these prices, nobody is attempting to do anything creative in Monterey now and with the regulations in place it’s hard to see that they’re going to do anything about it in the near future.”
30 Comments on "US oil reserves larger than those of Saudi Arabia or Russia"
JuanP on Wed, 6th Jul 2016 6:52 am
And pigs can fly! Western MSM keeps becoming increasingly ridiculous and unbelievable. I wish I could say that I find this shit funny, but to me it is really tragic.
Anonymous on Wed, 6th Jul 2016 7:30 am
RoFL!
uS Bullshit reserves are also larger than previously beleived as well.
Apneaman on Wed, 6th Jul 2016 7:58 am
UPDATE 2-U.S. EIA cuts recoverable Monterey shale oil estimate by 96 pct
http://www.reuters.com/article/eia-monterey-shale-idUSL1N0O713N20140521
Yeah, cause of regulations N stuff.
If the only regulation left was that oil companies were not allowed to discharge their fracking waste into the nearest town well without running it through a coffee filter first they would still be bitching and moaning about their “economic freedoms” being trampled on.
penury on Wed, 6th Jul 2016 9:43 am
Does the amount of “reserves” have any real meaning? If utilization is dropping what do I care about how many mythical barrels remain, or how many undiscovered barrels there are in unknown places around the planet? The big lie of course is how having these mythical barrels will improve the GDP of the nation. This must be true.
Dustin Hoffman on Wed, 6th Jul 2016 9:45 am
Makes it sound the good old USA Incorporated is getting ready for an IPO in the next big investment opportunity!
I’m all IN….because we have no choice to keep that their oil flowing….no matter what….
Plantagenet on Wed, 6th Jul 2016 9:59 am
The oil biz started in the USA and has been a big part of the US economy for 150 years.
AND, given the size of US oil reserves, looks like the oil biz will be around for a bit longer.
Cheers!
Apneaman on Wed, 6th Jul 2016 10:27 am
Sure planty and y’all invented farming water and air too….oh and America invented the Sun as well – almost forgot.
Oil Springs
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LIBRARIES, MUSEUMS & CULTURAL SERVICES DEPARTMENT
Oil Museum of Canada
2423 Kelly Rd., Box 16
Oil Springs, ON N0N 1P0
Telephone: (519)834-2840
Fax: (519)834-2840
http://www.lambtononline.ca
WE’RE LAMBTON COUNTY PROUD!
Lambton ‘Oil Firsts’ in Canada and the World:1834 World’s first recorded purchase of a property for its oil reserves.
1852 World’s first petroleum company established
1858 First commercial oil well in North America.
Canada’s first production of crude oil.
World’s first speculative oil boom.
1858 First commercial oil refinery in Canada.
World’s first integrated oil company established.”
http://www.petroliaheritage.com/oilSprings.htm
Again with the made up American stories Planty. They told you and you believed it without ever confirming for yourself – same as most everything you know. Shovel feed horseshit since kindergarten. Keep swallowing you fucking homogenized moron.
Dustin Hoffman on Wed, 6th Jul 2016 11:00 am
We DID invent the SUN by creating the first atom bomb…you can’t brag about the truth…get over it…
USA #1…don’t mess with Uncle Sammie
(Sarcasm)
shortonoil on Wed, 6th Jul 2016 11:01 am
These reserve estimates were put together by oil men. You know, the same ones that say; “you know that thar well in our parking lot? It’s go a $trillion worth of oil in her”.
Then they take to the bank!
forbin on Wed, 6th Jul 2016 11:11 am
reserves and resources – another confused article
Forbin
GregT on Wed, 6th Jul 2016 11:35 am
“We DID invent the SUN by creating the first atom bomb”
Umm, that would have been the Germans, with Anglo-Zionist financing.
Dustin Hoffman on Wed, 6th Jul 2016 12:01 pm
By a strange bit of fate, the Germans that knew how to science were Jewish and left for the United States! Just think if the Fuheur pick on some other ethnic group…we all would be calling the Motherland…Der Fatherland!
Survivalist on Wed, 6th Jul 2016 12:31 pm
Cornucopia porn. Laughable. Comparing USA LTO to KSA conventional is meaningless. It’s probable KSA has LTO resources too. The source rock for their conventional resource is no doubt vast.
shortonoil on Wed, 6th Jul 2016 2:38 pm
Reserves are a function of price, and production cost. Price has fallen in half, and production costs continue to rise. According to these people reserves have increased. This is like something that the Onion would publish. Something right off the front cover of Mad Magazine, or a rerun of a Three Stooges episode. If the world is really that stupid; are we in serious trouble!
GregT on Wed, 6th Jul 2016 2:40 pm
“By a strange bit of fate, the Germans that knew how to science were Jewish and left for the United States!”
By an even stranger twist of fate, Judea declared war against Germany on March the 24th, 1933.
https://www.youtube.com/watch?v=itmiffGBHoE
That would have been 1 year and 3 months before Hitler became Fuhrer on August the 2nd of 1934.
http://www.history.com/this-day-in-history/hitler-becomes-fuhrer
godq3 on Wed, 6th Jul 2016 4:17 pm
Apneaman on Wed – World’s first oil mine was established in 1854 in Poland by this gentelman: https://en.wikipedia.org/wiki/Ignacy_%C5%81ukasiewicz, who also made first refinery.
dissident on Wed, 6th Jul 2016 4:56 pm
So Russia has less reserves than Kuwait but manages to produce three times more oil consistently. Yeah, right. A good starting point is to increase Russian reserves by a factor of three giving a number much closer to reality.
Boat on Wed, 6th Jul 2016 5:18 pm
If Putin had not been scolded and put in a corner them Texas boys could have taught them how to frack. They would also would have much higher reserves.
Boat on Wed, 6th Jul 2016 5:25 pm
The electric economy and climate change will keep most of that oil in the ground anyways.
Apneaman on Wed, 6th Jul 2016 6:05 pm
godq3, good eye, but America invented Poland too, so they win again. They #1. An American team always wins the Superbowl and then they call themselves the world champs. All the teams are in America, but they are still the world champs. Kinda like I’m the world champ at solitaire that is only played be me on my computer which no one else can touch. I’m # 1. I even wear a uniform and cleats and made myself a trophy so I can award it to myself after every game. I’ll be selling merchandising soon. I’m # 1.
antaris on Wed, 6th Jul 2016 8:32 pm
Ap your gonna give D a stroke.
Go Speed Racer on Wed, 6th Jul 2016 8:50 pm
Did they include Congress in the estimated reserves?
All the politicians are so oily and greasy nowadays.
GregT on Wed, 6th Jul 2016 8:51 pm
“If Putin had not been scolded and put in a corner”
Fuck are you ever thick Boat. Get out much?
Roger on Wed, 6th Jul 2016 9:30 pm
GregT,
“By an even stranger twist of fate, Judea declared war against Germany on March the 24th, 1933.”
Wow, I could only watch 5 mins of the video…do you really believe the “Revisionist films Inc” lie? Nothing more than neo-Nazi propaganda. History is as it is–and the millions who died to rid the world of such in an earlier generation are heroes. Very sad to see the same anti-Semitic thinking taking root again…those who don’t learn from history repeat it.
“Judea declared war in 1933″…what hogwash. There was no Jewish nation in 1933…Israel was founded in 1948. That said–no doubt some Jews saw where Hitler was heading by then and resisted…wish they had been more successful/better equipped! Would have saved many American/Allied lives.
Seek the truth.
Regards,
Roger
Go Speed Racer on Wed, 6th Jul 2016 9:34 pm
Greg, don’t rock the boat. :O)
GregT on Wed, 6th Jul 2016 11:14 pm
OK Roger, whatever you say.
https://en.wikipedia.org/wiki/Anti-Nazi_boycott_of_1933
GregT on Wed, 6th Jul 2016 11:32 pm
Also Roger, If I might add, the first step in seeking the truth is not believing everything that you’ve been told.
There is always more than one side to a story.
Apneaman on Thu, 7th Jul 2016 12:26 am
Big whoop
Boycotts of Israel
https://en.wikipedia.org/wiki/Boycotts_of_Israel
List of boycotts
https://en.wikipedia.org/wiki/List_of_boycotts
PracticalMaina on Thu, 7th Jul 2016 2:04 pm
Freaking uuuge reserves, like my hands!
That was my Drumpf
PracticalMaina on Thu, 7th Jul 2016 2:16 pm
GregT I wonder what the agenda of the writer, editor and owner of Daily Express was back then? Is it just a sensationalized headline? It seems that this article was a key piece in justifying the discrimination against Jews in Germany.
As Apneaman has pointed out, even the AP was helping out the Nazis by providing material to be used as propaganda.