If you snoop around the US Department of Energy websites, and other government websites, you’ll hear that the U.S. Economy uses anywhere from 5-7 billion barrels of oil - at current consumption, each year. And you’ll hear that the U.S. -Emergency stockpile, is anywhere from only 1 Billion barrels to 100 billion barrels stored in reserve.
You’ll also learn that American Stockpiles (already extracted) are not under the control of a single source, and there-in lies the biggest problem in calculating the total reserve amount. Everywhere from your local gas station, to the HUGE national reserves, to refineries, to oil in transit can be calculated in this equation… That’s ALOT of oil. And we haven’t even begun to talk about what’s still in the ground.
If you read between the lines you’ll also learn that Off shore -embargo’s- and -wildlife preservations- etc, are simply, very GOOD strategic ways, to guard the oil at home -that we know about-, in the event of a world war, or other catastrophic oil cevent ocurs, we’ve still got MANY wells to dig right here on our own soil. It’s an excellent strategy overall. Designed to keep the ‘Western Powers’ crowned. Consider this, whilst reading the next news article about Arctic Soveirgnty…
Anybody interested in the future of America, it’s defense, or it’s position on a -world power- scale, isn’t going to be letting anyone else know about it’s strategic oil position publically. That would be stupid.
Also - please earn that the U.S. Military OWNS the rights to drilling in several states/areas. Where of course… no drilling is occurring currently, and they also have emergency legal provisions BY LAW, that would allow them to extract oil from basically anywhere with the right approvals… (Think extreme crisis here).
I could go into an essay, but take the BIG picture in tow…
We’re making sure we drill oil elsewhere, and use it up… much of North America is -not oil explored-, the U.S. Military/powers-that-are, know how critical oil is to the military, government, economy, American people.
Learning from what happend to the Japanese in WWII, and having already faced off OPEC and other entities, the U.S. Government and military, are not absolute IDIOTS. (Not all of them anyways). And have made provisions and plans for america’s oil futures.
My best guess is that they have (above ground / already drilled) atleast a 10 year supply, if drilling stopped today, and if you consider some basic rationing imposed.
Of course, a -10 year- supply turns into a several HUNDRED YEAR supply if you consider all of the oil that we’ve legally preserved/protected that’s still in the ground, in places like ANWAR, off shore, and what’s under the northern shield. Crisis averted.
If you are wondering, I used to work in the petroleum industry… anything you’ve ever heard about an -oil- crisis, or -peak oil- is a bunch of bollocks.
Basically all life that have died under water, (plants animals etc) or in unoxygenated enviroments, over the TRILLION+ year history of the earth, has converted itself into oil, and we’ve really only been extracting oil in the last 100 years.
As for the high price of gas, it’s a manufactured % profit.
Essentially NO NEW refineries have been built in North America since 1979… as any new ones built, would increase the supply, thus lowering the demand… lower demand, means lower price… lower price, means lower profit… why would you as an oil company, spend $10 Billion dollars on a new oil refinery to LOWER the price of gas? DUMB. Hence Oil companies are basically looking for the sweet spot… and the governments has got their hand in that pocket (tax revenue) too.
If a genie delivered 1 trillion oils of barrel today to texas, and gave them away for free. The price of gas wouldn’t change, because the refineries are still operating at maximum capacity, and can only produce so much gasoline etc, that we’re all willing to pay the bill for.
My source is my experience, and COMMON SENSE, and the fear mongering that’s out there exists to create doubt, and raise price / profit. Make no mistake… the LARGEST contributers to enviromental groups like Green Peace - are often oil companies, as Conflict decrease supply, and increases demand!