Originally Posted by jetheadracer (Post 3103612)

^^^^Where is all this oil that we can't use??? Because as far as I know the amount of oil we have pales in in comparison to the amounts in the middle east.

Originally Posted by JLAY (Post 3103575)

Don't want to rain on your parade here but oil is used to make other products other than just gas. Propane, hexane, other "light" gases, diesel,fuel oil, asphalts, plastics, etc. Out of one barrel that may be the amount of gas in one instance, but it depends on what they are making money on at the time. If they are making more money on another product it may be less than the 19 gallons of gas, it may be more if they are making money on the gas.

Originally Posted by jetheadracer (Post 3103624)

I was aware that there is quite a bit of heavy crude. Not a lot of sweet crude left as far as I know. The company I work for has operations in the western canadian oil sands, so I am aware of that. I guess my point is that we don't really have huge reserves that would make an immediate impact on the market.

Originally Posted by jetheadracer (Post 3103612)

^^^^Where is all this oil that we can't use??? Because as far as I know the amount of oil we have pales in in comparison to the amounts in the middle east.

Originally Posted by Catmando (Post 3103629)

I think the largest fields we have left are in the Gulf, but as you can see from the depth that the Horizon rig was drilling, pretty much all the shallow fields are tapped out. The oil companies have to come up with better deep-water safety measures or this scenario will happen again.

Originally Posted by Catmando (Post 3103621)

It's in shale, the dirtiest oil to extract and refine. I hope our shale is never worked because that oil is in the most beautiful, fragile, pristine wilderness left in this country.

US ranks 11th in proven reserves;

http://www.infoplease.com/ipa/A0872964.html