How much oil does U.S. have?

William Atkins
Tuesday, 24 June 2008 18:59

Science - Energy

With oil supplies and gas prices in the news on what seems is a second-by-second basis, let’s look at the proven oil reserves in the United States.

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.

When given a 90% confidence level proven oil reserves are classified as P90.

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.

The U.S. Securities and Exchange Commission (SEC) requires that oil companies only report proved reserves to its investors.

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)”

More information about U.S. oil reserves, along with the top fifteen countries in oil reserves, are listed on the next two pages.