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.
In a release sent to Rigzone accompanying the report, Thomas Pyle, the President of the IER, said the report “makes it clear that we have ample reserves of oil, natural gas, and coal that will sustain us for generations”.
“The report details our vast energy potential and the many benefits our increased production has provided American families and the world,” he added.
“Technological advancements in the production process, along with our unique system of private ownership, have propelled the U.S. to global leadership in oil and natural gas production, fostering economic benefits like lower energy prices, job growth, enhanced national security, and an improved environment,” he continued.
Pyle also stated in the release that, even with the explosion of energy production in the last fifteen years, North America is even richer in energy resources today.
“And yet, many politicians, government agents, and activists seek to constrain North America’s energy potential,” he added.
“We must resist these efforts and commit ourselves to unlocking these resources so that American families can continue to enjoy the real and meaningful benefits our energy production offers,” he went on to state.
In the release, Senator John Barrasso said, “America has abundant energy resources”.
“We can produce energy cleaner, faster, and more reliably than the rest of the world … [the] report from the Institute for Energy Research proves just that,” he added.
“President Biden needs to be focused on unleashing American energy instead of surrendering one of our nation’s biggest economic and geopolitical advantages,” he continued.
Chairman of the Western Caucus Dan Newhouse stated in the release, “the United States is home to a diverse and reliable energy portfolio with an abundance of natural resources right at our doorstep, and with the proper investment, we can once again be at the forefront of domestic energy production and innovation”.
“However, the Biden administration continues to hamstring domestic energy production in favor of draconian ‘green’ policy decisions through harmful executive actions,” he added.
“The United States produces energy cleaner, safer, and more efficiently than anywhere else in the world, so increasing our reliance on foreign adversarial nations to meet our needs is not only the wrong step for our energy goals but also hypocritical,” he continued.
“As Chairman of the Western Caucus, I am committed to continuing to fight for common sense, all of the above energy solutions, and urge the president to reflect on his recent decisions and swiftly change course to ensure an energy independent future – for the sake of our national security,” Newhouse went on to state.
Chairman of the House Natural Resources Energy and Mineral Resources Subcommittee, Pete Stauber, said in the release, “it’s abundantly clear – America has the domestic resources it needs to power the 21st Century economy, both here and abroad”.
“[This] release of the North American Energy Inventory proves that rather than relying on adversarial nations like Iran, Russia, and China for our energy and mineral resources, the solution is right here at home,” he added.
“As Chairman of the House Natural Resources Energy and Mineral Resources Subcommittee, I’m committed to advancing policies that enable the United States to develop our great natural resources in an ethical and responsible way,” Stauber said.
Rigzone has contacted the White House and the U.S. Department of Energy (DOE) for comment on the statements in the IER’s release. At the time of writing, neither department has responded to Rigzone yet.
According to a U.S. crude oil and natural gas proved reserves page on the U.S. Energy Information Administration (EIA) website, which was last updated on April 29, U.S. crude oil and lease condensate proved reserves increased nine percent from 44.4 billion barrels to 48.3 billion barrels at year-end 2022.
Proved reserves of U.S. natural gas increased 10 percent, from 625.4 trillion cubic feet (Tcf) at year-end 2021 to 691.0 Tcf at year-end 2022, establishing a new record for natural gas proved reserves in the U.S. for a second consecutive year, the page stated.
The page noted that proved reserves are estimated volumes of hydrocarbon resources that analysis of geologic and engineering data demonstrates with reasonable certainty are recoverable under existing economic and operating conditions.
Indonesian Mining | Rigzone.com
