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Pastimes : Triffin's Market Diary -- Ignore unavailable to you. Want to Upgrade?

To: Triffin who wrote (261)	4/22/2005 5:18:17 PM
From: Triffin	Read Replies (1) \| Respond to of 869

BC: ENERGY NOTES .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. United States oil reserves stand at about 28 billion barrels (if you include natural gas condensates). I am not speaking here of the government's Strategic Petroleum Reserve (SPR), which is a tiny fraction of this, but of the total amount of crude oil left underground anywhere in the fifty states: 28 billion barrels. Now, Americans use more than 20 million barrels of oil a day. That's 100 million every five days. That's a billion (1,000 million) every fifty days. That's -- give or take -- seven billion barrels of oil a year. If for some reason our oil imports were cut off and we had to depend solely on our own oil, our total reserves would last four measly years. Actually a bit less if you figure that a portion of that oil will never be pumped out for practical and economic reasons. It so happens that we currently import more than two thirds of the 20 million barrels a day we use.