ertheless, the potential is impressive. Roughly 3.3 trillion barrels of oil and 15,000 trillion cubic feet (Tcf) of natural gas are thought to be ultimately recoverable. By comparison, in 2006, world consumption of these resources was about 30 billion barrels of crude oil and 100 Tcf of gas. (See Tables 7.2, 7.3, and 7.4 for summaries of oil, gas, and coal statistics.)

Resources that are discovered, recoverable with current technology, commercially feasible, and remaining in the ground are classified as reserves. The size of

TABLE 7.2 Conventional Oil Resources, Reserves, and Production (billion barrels, variable years as noted)

 

United States

World

U.S. Percent of World Total

Resources

430a

3345b

13.0

Reservesc

29

1390

2.1

Annual production

2.5/yr

29.8/yr

8.4

Annual consumption

7.5/yr

31.1/yrd

24.1

aDOE, 2006a, available at fossil.energy.gov/programs/oilgas/eor/Undeveloped_Domestic_Oil_Resources_Provi.html.

bNPC, 2007, p. 97.

c2007 data from British Petroleum, 2008.

dAccording to British Petroleum, 2008, discrepancies between world production and consumption “are accounted for by stock changes; consumption of nonpetroleum additives and substitute fuels; and unavoidable disparities in the definition, measurement, or conversion of oil supply and demand data.”

TABLE 7.3 Natural Gas Resources, Reserves, and Production (trillion cubic feet, variable years as noted)

 

United States

World

U.S. Percent of World Total

Resources

1,525a

15,401b

9.4

Reservesc

211

6,263

3.4

Annual production

19.3/yr

104.1/yr

18.5

Annual consumptionc

23.1/yr

103.5/yrd

22.3

aPGC, 2006, available at www.mines.edu/research/pga/.

bNPC, 2007, p. 97.

c2007 data from British Petroleum, 2008.

dAccording to British Petroleum, 2008, discrepancies between world production and consumption are “due to variations in stocks at storage facilities and liquefaction plants, together with unavoidable disparities in the definition, measurement or conversion of gas supply and demand data.”



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