Global Recoverable Oil Decreases; US Recoverable Oil Increases -- July 2, 2022

From Houston Chronical, July 1, 2022:

The total estimate of the world’s recoverable oil is down 9 percent this year, though estimates are up in the U.S. 

Recoverable oil is the amount companies could produce using available technology, according to the U.S. Geological Survey. 

While most countries will lose oil resources this year, the U.S. will add 8 billion barrels to its discovered resources. 

Overall the U.S. is second for total recoverable oil with an estimated 193 billion barrels while Saudi Arabia is first with 275 billion barrels.

If one assumes, Saudi Arabia's numbers are exaggerated, and the Bakken is underestimated, the US, in fact, may be threatening Saudi Arabia for the lead. 

And, of course, there is always Venezuela. 

To put this in perspective, from January 6, 2022 (just six months ago): 

I get a kick out of pundits back to arguing whether the US is energy-independent or energy-dependent.

That train has left the station. 

The US is now energy dominant. 

I was not the first to say that -- others are starting to say that -- but that view is corroborated by the graphic at this link. 

Holy mackerel. When I went to tag this, I had forgotten I already had the tag: "US_Energy_Dominance." 

The first post with that tag was posted December 10, 2019.

One might want to google US energy dominance, putting it in quotes. You might be surprised at the first hit on google.

But look at this. From Bloomberg, only one month ago, "US to become 'Energy Dominant' on global price jump, Bank of America" -- December 1, 2021. 

From Summer, 2020, edition of International Economy, Today: Dominance Denied. How America's pursuit of energy domination destroyed the oil industry. 

Perhaps better said: how America's pursuit of energy domination destroyed Big Oil allowing Small Oil to takeover.