North American Energy Inventory December 2011

North American Energy Inventory December 2011, Institute for Energy Research (IER)

  • “In 1980, official estimates of proved oil reserves in the United States stood at roughly 30 billion barrels. Yet over the past 30 years, more than 77 billion barrels of oil have been produced here. In other words, over the last 30 years, the United States produced more than two and a half times the proved reserves we thought we had available in 1980. Thanks to new and continuing innovations in exploration and production technology, there’s every reason to believe that today’s estimates of reserves are only a fraction of what will be produced and delivered tomorrow—not only here in the United States, but across the entire North American continent.”
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