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US oil reserves reach highest level in 28 years

Posted By admin On August 15, 2013 @ 5:33 am In Money Watch | Comments Disabled

Washington Examiner [1]
August 15, 2013

U.S. proven reserves of crude oil and lease condensate totaled 29.5 billion barrels in 2011, a 15-percent increase from the previous year and the highest level since 1985, according to a new report [2] from the Energy Information Administration. Crude oil proven reserves alone totaled 26.5 billion barrels, a 14 percent increases from 2010.

Liquid natural gas proven reserves (which contain methane as well as ethane and butane) also increased in 2011, up to 348.8 trillion cubic feet. That’s a 10-percent increase from 2010. Dry natural gas proven reserves (which is just methane) increased 10 percent as well, to 334 trillion cubic feet.

President Obama’s frequently repeated claim that the U.S. only has 2 percent of the world’s oil reserves is misleading. While the U.S. has only 2 percent of the world’s proven oil reserves, the U.S. has more total recoverable oil [3] than the rest of the world’s proven reserves combined. That means the U.S. can and should be energy independent, regardless of what happens with alternative sources like wind and solar.

Full article here [1]

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URLs in this post:

[1] Washington Examiner: http://washingtonexaminer.com/us-oil-reserves-reach-highest-level-in-28-years/article/2534271

[2] new report: http://www.instituteforenergyresearch.org/2013/08/14/crude-oil-reserves-at-highest-level-since-1985/

[3] more total recoverable oil: http://www.instituteforenergyresearch.org/wp-content/uploads/2013/07/north-american-oil.png

[4] November Layoffs Hit Highest Level in 7 Years: http://www.prisonplanet.com/november-layoffs-hit-highest-level-in-7-years.html

[5] Unemployment at highest level in 25 years: http://www.prisonplanet.com/unemployment-at-highest-level-in-25-years.html

[6] Global Food Reserves Have Reached Their Lowest Level In Almost 40 Years: http://www.prisonplanet.com/global-food-reserves-have-reached-their-lowest-level-in-almost-40-years.html

[7] Venezuela Says Oil Reserves Surpass Saudi Arabia’s: http://www.prisonplanet.com/venezuela-says-oil-reserves-surpass-saudi-arabias.html

[8] Greece Is Not Poor – It Actually Has Massive Uptapped Reserves Of Gold, Oil And Natural Gas: http://www.prisonplanet.com/greece-is-not-poor-it-actually-has-massive-uptapped-reserves-of-gold-oil-and-natural-gas.html

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