U.S. oil reserves reached a new record in 2022. Crude oil and condensate proved reserves exceed 48 billion barrels (Figure 1). Reserves declined from 1969 to 2006 then increased with additions from the deepwater Gulf of Mexico and Tight Oil. Tight oil accounted for 27 billion barrels (56% of total) in 2022.
Reserves declined from 1969 to 2006 then increased with deepwater Gulf of Mexico and Tight Oil
Source: EIA & Labyrinth Consulting Services
The U.S. does not, however, have world-class oil reserves. It’s a respectable, second-tier reserve holder similar to Libya. U.S. reserves are about half of Russia’s, one-third of Iraq’s, & about one-fifth of Iran’s & Saudi Arabia’s (Figure 2). It holds roughly 3% of the world’s reserves compared to Iraq’s 9%, Iran’s 12% and Saudi Arabia’s 15%.
Reserves are about half of Russia’s, 1/3 of Iraq’s, & about 1/5 of Iran’s & Saudi Arabia’s.
Source: EIA & Labyrinth Consulting Services, Inc.
Countries in the Persian Gulf have almost half of the world’s oil, and 42% of the worlds remaining proved reserves are in just four countries: Saudi Arabia, Iran, Iraq and the United Arab Emirates. Iraq is now a vassal state of Iran—an enemy of the U.S.—and, together, they have more than 20% of the oil that’s left. Add Russia and our principal enemies control a quarter of the world’s oil.
Those are terrible odds. U.S. foreign policy after World War II was founded on oil security from the Middle East. The last four energy-blind U.S. presidents managed to undo that. One of those two will be the next president of the United States.
Most people know that the wars in Ukraine and in the Middle East are serious but think of them in parochial terms—that they developed out of long-standing feuds between people who have always been at each other’s throats.
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