Permian Oil Reserves Are Grossly Exaggerated

20 Jul 2017   Shale Oil

We are entering a new age of American energy dominance according to Energy Secretary Rick Perry . President Trump reflected that view in comments he made last week that “…we’ve got underneath us more oil than anybody, and nobody knew it until five years ago.” Trump was referring to tight oil production and today, that means the Permian basin. Global energy dominance by the United States is somewhere between aspirational and absurd. So far in 2017, the U.S. has imported more than 9 million barrels of crude oil per day, and net imports have averaged more than 7.3 million barrels per day. How exactly can the world’s biggest importer of oil become the supplier upon which other countries depend? The recently released BP Statistical Review Of World Energy 2017 places the United States 10th in the global ranking of oil reserve holders between Libya and Nigeria (Figure 1). That’s […]

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