{"id":1944,"date":"2016-07-04T23:07:27","date_gmt":"2016-07-04T23:07:27","guid":{"rendered":"https:\/\/tomfarandasfolly.com\/?p=1944"},"modified":"2025-09-29T19:11:38","modified_gmt":"2025-09-29T19:11:38","slug":"usa-now-has-more-oil-reserves-than-saudi-arabia","status":"publish","type":"post","link":"https:\/\/tomfarandasfolly.com\/?p=1944","title":{"rendered":"USA now has more oil reserves than Saudi Arabia"},"content":{"rendered":"<p>A few years ago the &quot;<a href=\"https:\/\/en.wikipedia.org\/wiki\/Peak_oil\">peak oil<\/a>&quot; theory &#8211; &quot;the point in time when the maximum rate of <a href=\"https:\/\/en.wikipedia.org\/wiki\/Extraction_of_petroleum\" title=\"Extraction of petroleum\">extraction of petroleum<\/a> is reached, after which it is expected to enter terminal decline&quot; &#8211; was popular among a certain political segment of the <a href=\"https:\/\/en.wikipedia.org\/wiki\/Chattering_classes\">chattering class<\/a>. Well they were very premature.<\/p>\n<p><a class=\"asset-img-link\" href=\"http:\/\/tomfaranda.typepad.com\/.a\/6a00d834525a2f69e201b7c87789c1970b-pi\" style=\"display: inline;\"><img decoding=\"async\" alt=\"Oil_well\" class=\"asset  asset-image at-xid-6a00d834525a2f69e201b7c87789c1970b img-responsive\" src=\"https:\/\/tomfaranda.typepad.com\/.a\/6a00d834525a2f69e201b7c87789c1970b-250wi\" style=\"width: 220px;\" title=\"Oil_well\" \/><\/a><\/p>\n<p>From the Financial Times (UK) &#8211;<\/p>\n<p><a href=\"http:\/\/www.ft.com\/cms\/s\/0\/7525f1dc-41d6-11e6-9b66-0712b3873ae1.html\">US oil reserves surpass those of Saudi Arabia and Russia<\/a><\/p>\n<p data-track-pos=\"0\" style=\"padding-left: 30px;\">The US holds more <a href=\"http:\/\/www.ft.com\/topics\/themes\/Oil\" title=\"Oil related stories\">oil<\/a> reserves than Saudi Arabia and Russia, the first time it has surpassed those held by the world\u2019s biggest exporting nations, according to a new study.<\/p>\n<p data-track-pos=\"1\" style=\"padding-left: 30px;\"><a href=\"http:\/\/www.rystadenergy.com\/NewsEvents\/PressReleases\/united-states-now-holds-more-oil-reserves-than-saudi-arabia\" target=\"_blank\" title=\"www.rystadenergy.com\">Rystad Energy<\/a> estimates recoverable oil in the US from existing fields, discoveries and yet undiscovered areas amounts to 264bn barrels. The figure surpasses Saudi Arabia\u2019s 212bn and Russia\u2019s 256bn in reserves.<\/p>\n<p style=\"padding-left: 30px;\">The analysis of 60,000 fields worldwide, conducted over a three-year period by the Oslo-based group, shows total global oil reserves at 2.1tn barrels. This is 70 times the current production rate of about 30bn barrels of crude oil a year, Rystad Energy said on Monday.<\/p>\n<p style=\"padding-left: 30px;\">Recoverable reserves \u2014 those barrels that are technologically and economically feasible to extract \u2014 are analysed by the energy industry to determine company valuations and the long-term health of an oil-producing nation\u2019s economy.<\/p>\n<p style=\"padding-left: 30px;\">Conventional oil producers, such as Saudi Arabia, have traditionally used their huge resource riches to wield power globally, particularly among big consumer countries such as the US.<\/p>\n<p style=\"padding-left: 30px;\">This relationship has been disrupted in recent years by hydraulic fracturing and other new technologies that have helped the US unlock vast reserves and enabled it to become more energy independent.<\/p>\n<p style=\"padding-left: 30px;\">&#0160;<\/p>\n<p>&#0160;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A few years ago the &quot;peak oil&quot; theory &#8211; &quot;the point in time when the maximum rate of extraction of petroleum is reached, after which it is expected to enter terminal decline&quot; &#8211; was popular among a certain political segment of the chattering class. Well they were very premature. From the Financial Times (UK) &#8211; [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1944","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/tomfarandasfolly.com\/index.php?rest_route=\/wp\/v2\/posts\/1944","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tomfarandasfolly.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tomfarandasfolly.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tomfarandasfolly.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/tomfarandasfolly.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1944"}],"version-history":[{"count":1,"href":"https:\/\/tomfarandasfolly.com\/index.php?rest_route=\/wp\/v2\/posts\/1944\/revisions"}],"predecessor-version":[{"id":8003,"href":"https:\/\/tomfarandasfolly.com\/index.php?rest_route=\/wp\/v2\/posts\/1944\/revisions\/8003"}],"wp:attachment":[{"href":"https:\/\/tomfarandasfolly.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1944"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tomfarandasfolly.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1944"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tomfarandasfolly.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1944"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}