Let’s start utilizing our own oil and natural energy sources and stop relying on foreigners for that supply.
Move over, Saudi Arabia and Russia. America now has more untapped oil than any other country on the planet.
That’s according to a new report from Rystad Energy that estimates the U.S. is sitting on an incredible 264 billion barrels of oil reserves. It includes oil in existing fields, new projects, recent discoveries as well as projections in undiscovered fields.
More than half of America’s untapped oil is unconventional shale oil, according to Rystad. Shale oil is the previously-unreachable crude that, thanks to fracking and new technology, has reshaped the global energy landscape and vaulted the U.S. into the upper echelon of global oil producers.
“This has been a revolution. Ten years ago nobody would have dreamt this would have been the result,” Jarand Rystad, CEO of Rystad Energy, told CNNMoney.
The findings suggest the U.S. could shoulder even more of the weight of global oil production in the future, especially as prices recover. U.S. output has declined modestly over the past year as a result of oil prices crashing to levels that aren’t profitable for all but the best shale oil fields.
But there are seas of oil just waiting to get tapped once oil prices rebound. Texas, home to the Eagle Ford, Permian and Barnett shale oil plays, holds more than 60 billion barrels of shale oil alone, Rystad estimates. That’s more than the untapped oil in all of China. There are also vast sums of oil beneath the ground in North Dakota, where the Bakken shale oil play sits.