Iceland is the country least dependent on fossil fuels in the world.
Luxembourg has the world's highest GDP per capita but no crude reserves. Lebanon, one of the poorest nations, is in the same position. Hong Kong is one of the smallest countries in the world geographically, while Kenya is among the largest. Neither has any proven reserves.
Move over, Saudi Arabia and Russia. America now has more untapped oil than any other country on the planet.
World Oil Reserves
The world has proven reserves equivalent to 46.6 times its annual consumption levels. This means it has about 47 years of oil left (at current consumption levels and excluding unproven reserves).
Venezuela, Saudi Arabia, and Canada are the three leading countries with the most oil reserves. Industry leader BP plc estimates that there are 1.73 trillion barrels of oil reserves globally. Approximately 80% of the world's oil reserves are in the Organization of the Petroleum Exporting Countries (OPEC).
Oil Reserves in the United States
The United States has proven reserves equivalent to 4.9 times its annual consumption. This means that, without imports, there would be about 5 years of oil left (at current consumption levels and excluding unproven reserves).
Food and water. More than 70% of Venezuela's food is imported; Venezuela became so dependent on food imports that it could no longer afford when the price of oil dropped in 2014. Chávez gave the military control of food, and nationalized much of the industry, which was then neglected, leading to production shortages.
Oil Reserves FAQ
Venezuela is currently the country with the largest proven oil reserves in the world, with an estimated 300 billion barrels of oil.
Venezuela is the leading country in terms of oil reserves, with over 304 billion barrels of oil beneath its surface.
Thus, the richest countries in the world are those with the highest GDP per capita. Currently, the richest country in the world in terms of GDP per capita is Luxembourg, with a GDP per capita of $135,700. Other wealthy countries include Bermuda, Ireland, and Switzerland, all with GDP per capita above $80,000.
A first-of-its kind analysis by the nonprofit Rocky Mountain Institute has looked at greenhouse-gas emissions across entire supply chains and found that oil and natural gas fields in Russia, Turkmenistan and Texas are the worst polluters on our planet.
However, in the U.S., the Food and Drug Administration banned mustard oil because it contains erucic acid.
But here's a bright spot: Americans are using less oil -- a trend that's sure to continue. U.S. oil consumption peaked in 2005, at about 21 million barrels per day, and the trend is expected to continue for the rest of the decade.
An estimated average of 20 billion barrels of oil and 1.6 billion barrels of natural gas liquids are available for the taking in the Wolfcamp shale, which is in the Midland Basin portion of Texas' Permian Basin.
All public transport, including planes, trains and buses, would come to a grinding halt. Industry is would be hit very hard; millions would lose their jobs. Food production would also suffer on an incredible scale and hundreds of millions would starve to death as a result.
Oil imports account for about 20 percent of the U.S. supply.
Buried under U.S. soil lies an estimated 38.2 billion barrels worth of proven oil reserves that are still untapped, according to the U.S. Energy Information Administration.
We estimate that the United States had 44,418 million barrels of proved reserves of crude oil and lease condensate as of December 31, 2021—an increase of 16% from year-end 2020.
Unless explicitly separated by a deed, oil and gas rights are owned by the surface landowner. Oil and gas rights offshore are owned by either the state or federal government and leased to oil companies for development. The tidelands controversy involve the limits of state ownership.
Well, yes, we have. But that statement, while true in some ways, covers up several decades of short-sighted energy policies. The U.S does indeed produce enough oil to meet its own needs.
If the U.S. were to consume nearly 7.22 billion barrels of petroleum per year for the next 400 years, the country would need more than 2.9 trillion barrels of recoverable crude oil reserves — far more than the 373.1 billion barrels it has currently.