…America is Blessed, Part 2..
In addition to vast quantities of natural gas, the United States also has large quantities of oil and coal.
Rystad Energy, a leading energy consulting company, estimates that the US has 264 billion barrels (BB) of recoverable oil reserves, which is more than any other country in the world. Russia, with the next largest reserves, has 256 BB, while Saudi Arabia has 212 BB.
Horizontal drilling has facilitated the extraction of oil and provided increased estimates of recoverable reserves in the US.
Quoting from Harold Hamm’s book, Game Changer:
In 2008, USGS estimated the Bakken had 3 to 4 BB of recoverable oil, while Hamm’s company, Continental Resources, now estimates the Bakken has recoverable reserves greater than 35 BB with horizontal drilling.
Meanwhile the USGS website continues to report that the Bakken has 4.3 BB of oil.
While coal is being superseded by natural gas for power generation in the US, the US has the largest coal reserves in the world.
New, High Efficiency Low Emission (HELE) coal-fired power plants can’t be built in the US because the EPA has established that coal-fired power plants cannot emit more than 1,400 pounds of CO2 per MWh. HELE plants emit, at their best, 1,500 pounds of CO2/MWh.
HELE plants are the type being built by China and India which have the second and third largest reserves of coal in the wold.
Fortunately, natural gas combined cycle (NGCC) power plants are the least costly and easiest to build in the US.
All told, the US has the largest reserves of fossil fuels in the world which is a huge strategic and economic advantage.
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