Move over, Saudi Arabia and Russia. 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.
by Matt Egan CNN
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