“The Stuff You Wont Hear Anywhere Else”
U.S. Oil Reserves Surpass Saudi Arabia and Russia”
The United States Holds more oil reserves then Saudi Arabia and Russia! This is the first time that i can remember that our country has surpassed the worlds biggest exporting nations. Despite this administrations anti oil, anti coal mining and limiting areas of exploration, it is estimated by Rystad Energy out of Oslo Norway the United States has an estimated recoverable oil from existing fields, discovered, and yet undiscovered areas amounts to 264 billion barrels.
Further analysis by Rystad of 60,000 oil fields worldwide, which was conducted over a 3 year period shows global oil reserves at 2.1 trillion barrels, Yes that’s Trillion with a T.
The United States in recent years has made advances in Hydraulic Fracking and other new technologies that has let the U.S. unlock vast reserves which allows us to become energy independent, and not at the mercy of the OPEC cartel.
Recent discoveries in the Permian Basin in Texas and in New Mexico has become our nations most prolific oil producing area. Texas alone holds more than 60 million barrels of shale oil. Shale oil has become more economical to produce and because of the production of shale oil, the cost of oil has dropped by more than half of what it was just two years ago.
So why the hell is the price of oil over 48 dollars a barrel? It is not because of a shortage in supply! Not because of a high demand! Oh according to the Wall Street Journal published yesterday foreign sales are surging with higher prices overseas and that is what is causing our prices to rise..What?.. Does that even make sense? I may have been born at night…but not last night!!! Sounds like market manipulation to me …you think? Exxon-Mobile the largest U.S. oil producer said in the spring time that its break even for drilling was $12.50 a barrel. I guess the press missed that one.
Low oil prices allow people to keep more of what they earn, to have discretionary spending. It allows factories and transportation costs to remain reasonable and keep prices of goods lower. Remember I’m from New York where houses are heated by fuel oil, and electricity is produced by gas turbines which in turn is like paying a second mortgage for both! Any wonder why i live in Arizona.
While we need to explore all kinds of energy, the world is currently dependent on the production of oil and natural gas, its how we heat our homes, feed our cars,fly our planes and most of all it allows me to ride my bikes farther and farther which is my only escape after trying to figure out everyday what the hell is going on in the world.