Complications

The facts have ominous overtones. As of the end of 2020 proven crude oil reserves in the U.S. amounted to 38.2 billion barrels, or about 4.89 times annual consumption. Thus, excluding unproven reserves and imports, the U.S. has about 5 years left of domestic oil at current consumption levels. In addition, by some estimates, the world’s proven oil reserves will last approximately 45 to 50 years Currently the world’s top five oil consuming nations are the United States, China, India, Japan, and Russia. Of these, only the latter has domestic reserves to meet its fuel needs. To answer the question that Rep. Tlaib did not ask at the hearing, the largest proven oil reserves are in Venezuela, the Persian Gulf and Canada. Thus, as long as the world remains addicted to oil, competition among the top oil consuming nations for a guaranteed right of priority to these dwindling reserves will only get more intense.

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