The good news about our oil supplies
Memories of peak oil, the idea that the world was soon to run out of oil, are fading
By Dr. Jay Lehr & Tom Harris—— Bio and Archives--October 25, 2019
Global Warming-Energy-Environment | Comments | Back To Full Article
Within days of the September attack on one of Saudi Arabia’s largest oil fields, fears of rising gasoline prices were relieved when production quickly returned to the new normal. This was largely a result of a 40% increase in U.S. oil supplies in the past three years (3.65 million barrels per day rise since the end of 2016).
It was also the result of a huge shift in the sources of U.S. oil imports in recent years. The Energy Information Administration reports that:
“In 1977…OPEC [Organization of Petroleum Exporting Countries] nations were the source of 70% of total U.S. petroleum imports. … In 2018, OPEC's share of total U.S. petroleum imports was about 29% [and] about 16% of U.S. petroleum imports came from Persian Gulf countries… Canada was the source of 15% of U.S. petroleum imports in 1994 and 43% in 2018 [Saudi Arabia now supplies only 9% of U.S. imports].”
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