U.S. has more untapped oil than Saudi Arabia or Russia
Recession is not new, its as old as the world itself. We have this powerful global recession around 1876 BC, in Egypt and the entire marvel that God used for them at that time according to Biblical history and parallel is the man 'Joseph", simple model, as a nation lets save 20% of all our income.
This modest saving rescued Egypt and the entire world around them at that time. They say those who don't learn from history, will definitely, repeat the negative side of it and fall flat for it. A couple of years back Oil, our major revenue earner as a nation, was selling close to 100USD/barrel, far higher than our budgetary bench mark, and all we did with the excess is to sit down and divide it and share, what a terrible line to tow and a terrible legacy we inherited from time of old, if we only had followed "The Joseph" model to save 20% and keep, for days like this may be people won't be going through what we are going through today. Situation, where families can hardly feed their little ones at home, state government cannot pay salaries for months, people are desperate to the point of stealing food to eat, all kind of crimes are just surfacing by the day for survival purposes, we need the mercy of God. A friend call me from a state and told me that he has not been paid for about seven (7) months till date, he has a wife and grown up children, how do they feed?, we need to re-align our approach to leadership selection, particularly when it comes to choice of men and women, to lead us, we need to stop the current politics of chop-make-I-chop, because at the end of the day we will suffer very dearly for our decision as we are doing right now.
The picture I want to paint today is actually one to make Nigerians to see that the situation, requires a much more drastic and elastic action from each and everyone of us. We need to begin to think out of the box, and it has to be now, lets look outside of Oil as our "saviour", am used to reading this as being narrated by very many....but the data I want to share with us today makes it an immediate necessity, and am happy that the present government has lunched an agricultural policy blue print to aid this thinking, and more non-oil based revenue should be looked into and activated. I do hope this government can come up with 20% saving model, for the future generation even if we are a victim for now.
What scared me to write this is the data I got about oil well reserve statistics across the globe, it's unbelievable, that the largest oil reserve as at today is owned by the United States, that is savings and planning. This is a country that buys oil from us a couple of years ago, and we did not think about what happens if this people refuse to buy again, and situation turns as it is today, not even Saudi Arabia, has enough to near the United states, if Saudi is not near, then where are we, what is the implication of this to our national economy?, I do hope that our leaders will learn a lesson from this and we as citizens will change our attitude, when selecting our leaders of tomorrow. the excerpt am posting below will be a good read for you, let me have your comment and ideas on this subject.
The article below is gotten from (http://money.cnn.com/2016/07/05/investing/us-untapped-oil/index.html)
America now has more untapped oil than any other country on the planet.
That's according to a new report from Rystad Energy that estimates the U.S. is sitting on an incredible 264 billion barrels of oil reserves. It includes oil in existing fields, new projects, recent discoveries as well as projections in undiscovered fields.
More than half of America's untapped oil is unconventional shale oil, according to Rystad. Shale oil is the previously-unreachable crude that, thanks to fracking and new technology, has reshaped the global energy landscape and vaulted the U.S. into the upper echelon of global oil producers.
"This has been a revolution. Ten years ago nobody would have dreamt this would have been the result," Jarand Rystad, CEO of Rystad Energy, told CNNMoney.
The findings suggest the U.S. could shoulder even more of the weight of global oil production in the future, especially as prices recover. U.S. output has declined modestly over the past year as a result of oil prices crashing to levels that aren't profitable for all but the best shale oil fields.
But there are seas of oil just waiting to get tapped once oil prices rebound. Texas, home to the Eagle Ford, Permian and Barnett shale oil plays, holds more than 60 billion barrels of shale oil alone, Rystad estimates. That's more than the untapped oil in all of China. There are also vast sums of oil beneath the ground in North Dakota, where the Bakken shale oil play sits.
Thanks to the shale oil boom, the U.S. is now sitting on more oil reserves than Russia, which Rystad estimates as having 256 billion barrels of untapped oil. The next-richest countries in terms of oil after that are: Saudi Arabia (212 billion), Canada (167 billion), Iran (143 billion) and Brazil (120 billion).
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Rystad, an independent research firm based in Norway, argues its estimate does a better job of capturing the real picture of global oil reserves than more conservative metrics often cited.
For example, the closely-followed BP Statistical Review pegs U.S. oil reserves at just 55 billion barrels, compared with 301 billion barrels for Venezuela. But Rystad notes that BP relies on numbers reported by national authorities and Venezuela's figures include undiscovered oil. Rystad also points out that countries often exaggerate their oil reserve figures to inflate their standings within OPEC.
"The upside potential is much larger in the United States," Rystad said.
All told, the world has 2.1 trillion barrels of untapped oil, or 70 times the current global annual production rate, Rystad estimates.
While that may sound like a ton of oil, Rystad argues it's actually proof that "there is a relatively limited amount of recoverable oil left on the planet."
That's a big deal given the fact global oil demand continues to grow, even in today's sluggish economy. Many expect that growth to remain steady or even accelerate as people in fast-growing economies like India and China buy cars.
"Oil alone cannot satisfy the growing need for individual transport," Rystad concludes.
