EP 29: How much oil and natural gas does US have...

Summary:

The sources provide an assessment of the United States' oil and natural gas reserves, suggesting that the country has abundant resources. The Institute for Energy Research (IER) estimates the U.S. has 1.66 trillion barrels of technically recoverable oil, which is enough to fuel transportation for over 500 years at current consumption rates. Additionally, the IER estimates that the U.S. holds 4.03 quadrillion cubic feet of technically recoverable natural gas, sufficient to meet current demand for over 130 years. The sources highlight the substantial increase in these estimates compared to previous studies, indicating a growing understanding of the U.S.'s potential for oil and gas production.

Questions to consider as you read/listen:

1. What are the current and potential reserves of oil and natural gas in the United States?
2. How does the United States' oil and natural gas reserves compare to those of other countries, particularly Saudi Arabia?
3. What factors have led to the significant increase in estimated technically recoverable oil and natural gas resources in the United States since 2011?

Long format:

How much oil and natural gas does US have….

We are very very good. Very. Did I say very.

(Main source technical article: https://www.instituteforenergyresearch.org/fossil-fuels/2024-north-american-energy-inventory/?amp=1)

Quoting from one of the industry’s best sources:

Total technically recoverable resources of oil in the U.S. amount to 1.66 trillion barrels.

That’s according to a new report from the Institute for Energy Research (IER), which was sent to Rigzone recently, which noted that, at current rates of consumption, that’s enough oil for 227 years. If the oil is devoted exclusively to gasoline production, it is enough gasoline to fuel the transportation sector for 539 years at 2023 usage levels, the report stated.

The 1.66 trillion barrel figure is 15 percent higher than the estimate of technically recoverable oil from IER’s 2011 report, and more than 5.6 times the proved reserves of Saudi Arabia, the study outlined.

Total technically recoverable resources of natural gas in the U.S. amount to 4.03 quadrillion cubic feet, according to the report, which stated that, at the current consumption rate, that’s enough natural gas for the next 130 years.

The 4.03 quadrillion cubic feet figure is a 47 percent increase in the estimate of technically recoverable natural gas since IER’s 2011 report, the study highlighted. The report also pointed out that the U.S. has over 65 quadrillion cubic feet of in place natural gas resources.

“If just half of that amount becomes recoverable, the U.S. has over 1,000 years of natural gas supply at 2022 consumption rate,” the report noted.

Source:

https://www.rigzone.com/news/how_much_oil_and_gas_does_the_usa_have-16-may-2024-176766-article/#:~:text=That's%20according%20to%20a%20new,enough%20oil%20for%20227%20years