The United States has an estimated 1.66 trillion barrels of technically recoverable oil, enough to last 227 years at current consumption rates, or 539 years if used solely for gasoline production. This figure, reported by the Institute for Energy Research (IER), is 15% higher than the previous estimate in 2011 and significantly more than Saudi Arabia's proved reserves.
In addition to oil, the U.S. has 4.03 quadrillion cubic feet of technically recoverable natural gas, sufficient for 130 years at the current rate of consumption. This represents a 47% increase from the 2011 estimate. If just half of the natural gas resources become recoverable, the U.S. could have over 1,000 years of supply at the 2022 consumption rate.
Thomas Pyle, president of the IER, emphasized the vast energy potential of the U.S., highlighting technological advancements and the country's private ownership system as key factors propelling the U.S. to a global leadership position in oil and natural gas production. This leadership has led to lower energy prices, job growth, enhanced national security, and environmental improvements.
Despite these benefits, Pyle criticized political and activist efforts to limit North America's energy potential. He argued that unlocking these resources would maintain American energy production's economic and geopolitical advantages. The IER report asserts that the U.S. produces energy more cleanly, safely, and efficiently than any other country, advocating for a focus on domestic energy production to avoid reliance on foreign adversaries like Iran, Russia, and China.
Pyle called for "common sense, all of the above energy solutions" and urged President Biden to reconsider recent policy decisions that restrict domestic energy production in favor of stringent green policies. He emphasized the importance of energy independence for national security and the well-being of American families.
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