Estimates of Availability for US Oil & Gas
How Much Oil and Gas Does the USA Have?
Thomas Pyle, the President of the IER, emphasized in a release accompanying the report that the U.S. has ample reserves of oil, natural gas, and coal, capable of sustaining future generations. He acknowledged technological advancements and the unique system of private ownership for propelling the U.S. to global leadership in oil and natural gas production, leading to economic benefits such as lower energy prices, job growth, enhanced national security, and environmental improvements.
Despite the surge in energy production over the past fifteen years, Pyle stressed that North America’s energy potential remains vast. He warned against political and activist efforts to constrain this potential, advocating for policies that unlock these resources to benefit American families.
Political Perspectives on Energy Policy
Senator John Barrasso noted America’s capacity to produce energy cleaner, faster, and more reliably than the rest of the world, citing the IER report as evidence. He urged President Biden to focus on harnessing American energy resources instead of relinquishing a significant economic and geopolitical advantage.
Chairman of the Western Caucus Dan Newhouse criticized the Biden administration for policies he described as hampering domestic energy production in favor of stringent green policies. He argued that the U.S. can lead in domestic energy production and innovation with proper investment and policy changes.
Pete Stauber, Chairman of the House Natural Resources Energy and Mineral Resources Subcommittee, affirmed the U.S. has the resources needed to power the 21st-century economy domestically and internationally. He advocated for policies enabling ethical and responsible development of U.S. natural resources, reducing reliance on nations like Iran, Russia, and China.
U.S. Reserves Continue to Grow
According to the U.S. Energy Information Administration (EIA), U.S. crude oil and lease condensate proved reserves increased nine percent from 44.4 billion barrels to 48.3 billion barrels at year-end 2022. Proved reserves of natural gas increased ten percent from 625.4 trillion cubic feet (Tcf) at year-end 2021 to 691.0 Tcf at year-end 2022, setting a new record for natural gas proved reserves for the second consecutive year.
Proved reserves are estimated volumes of hydrocarbon resources that analysis of geologic and engineering data demonstrate with reasonable certainty are recoverable under existing economic and operating conditions.
Conclusion
The IER report underscores the immense energy potential of the U.S., calling for policies that leverage this potential to ensure energy security and economic prosperity. As the global landscape shifts, the U.S. stands poised to continue its leadership in oil and gas production, provided it navigates the political and regulatory challenges ahead.
