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Science How much oil does U.S. have? | How much oil does U.S. have? |
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| by William Atkins | |
| Wednesday, 25 June 2008 | |
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Page 1 of 3
According to statistics from the U.S. Energy Information Administration, the United States produces about 10% of the world’s oil—about 8 million barrels per day. Unfortunately, it consumes 14% more—24% in all. That amount comes to about 21 million barrels each day. [Baltimore Sun: “Oil Facts”]
Proven oil reserves (classified as “1P”) are estimates of the amount of known fields of crude oil in which data shows can be drilled (with reasonable certainty: 80 to 90% confidence levels) with our current technology, and under existing operating and economic conditions.
Proved reserves are further sub-classified as Proved Developed (PD) and Proved Undeveloped (PUD). PD reserves can be produced with existing technology or could be produced with a minimal amount of investment. PUD reserves require additional investment over a minimal amount. Read more on the definition of proven oil reserves at: Jean-Marc Jancovici: “What is an oil reserve?”
European Institute for Research on Mediterranean and Euro-Arab Cooperation: “Oil (Proved Reserves)” |
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