Interesting Economic Fact – Oil Sources for America

Interesting Economic Fact – Oil Sources for America

The USA used approximately 19.1 million barrels of oil a day in 2011, importing around 9.5 million barrels of oil daily. The top ten countries importing oil into the USA (millions of barrels) were:

Canada                  2.2

Saudi Arabia       1.2

Mexico                  1.1

Venezuela            0.9

Nigeria                  0.8

Iraq                       0.5

Colombia            0.4

Angola                 0.3

Russia                   0.2

Brazil                    0.2

Reference: DOE & CIA

These ten countries accounted for more than 80% of 9.5 million barrels of oil imported into the United States every day. Please note that none of these countries are hostile to America. However, oil, like money, is fungible.

What does the fact that oil is fungible mean? Fungi-ability (newly coined word) means that because these relatively friendly nations are exporting their excess oil to the United States, other industrial nations like Japan, China and nearly all the countries in the European Community must import their daily oil from countries much less friendly to the United States like Iran and Yemen.

Therefore, it can be reasonably argued that because of the huge demand that the US creates for global oil, the United States really is, at least secondarily, with oil money, helping fund terrorists that attack America and American interests. Perhaps if the United States were able to stop importing oil and instead use domestic oil exclusively, the terrorists would not have sufficient money available to attack America.

Adding together the known oil in ANWR in Alaska, plus known continental shelf oil deposits just off the coasts of America and including the Rocky Mountain shale oil deposits totals approximately 2 trillion barrels equivalent of recoverable oil. If we Americans chose to recover oil from these three sources alone, assuming a 20-million-oil-barrel-usage-run-rate per day, then America could be self-sufficient in petroleum for at least 274 years!

Two important questions must be considered:

1) Could this oil be recovered in an environmentally-sensitive fashion?

Yes, relatively easily.

2) Does the necessary political will exist to recover this domestioc oil?

No, it does not.

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