U.S. Oil

Domestic Oil - U.S.

If the U.S. immediately stopped importing oil and depended solely on domestic production, the proven reserve would likely be consumed in three years. Adding to the reserve (above the present rate of increase, and assuming the additions could be consumed when needed) and continuing the current consumption trend would increase the number of years before the reserve was depleted. Alternatively, increasing efficiency (decreasing consumption) would have the same effect.

The following graph shows the years of consumption gained using each of these strategies, where one unit of added oil is 29 billion barrels (the reserve at the end of 2007), if the changes occurred at the end of 2008. For comparison, the Strategic Petroleum Reserve holds 0.02 unit and the Naval Petroleum and Oil Shale Reserves may have more than 68 units of "rich" oil shale that would take at least a decade to access.

For data and calculations, see Simulations (Excel files).

For data sources, see BP's Statistical Review site.