We consume about 25 percent of the world's oil every year, but we only have reserves, including that which has not been pumped, of about 3 percent of the oil reserves in the world.
Sentiment: NEGATIVE
The U.S. only has 20 billion barrels of oil in reserve. It seems as though there is no more oil around. Venezuela has 300 billion barrels of oil in reserves. Iraq has, like, 150 billion barrels of oil. Iran, close to 300 billion barrels of reserve. Oil for 200 years, of course.
Over the last two decades, America has increased its demand for oil by nearly 30 percent, yet we have not expanded our ability to produce domestic sources of fuel.
In 1973, America imported 30 percent of its crude oil needs. Today, that number has doubled to more than 60 percent. Gas prices are as high as they are now in part because we've had no comprehensive national energy policy for the past few decades.
If you ask the average person on the street about U.S. energy and U.S. oil in particular, our situation, most Americans would say, 'Oh, we're energy poor; we don't have enough oil; we don't have enough natural gas.'
We all know we have a problem, a broad problem. Ninety-eight percent of the fuel that is used by our vehicles, our autos and trucks for personal and commercial purposes, for highway and air travel operates on oil. The world has the same problem.
The more we are consuming oil that either comes from places that are bent on our destruction or helping those who are... the more we are enabling those who are trying to kill us.
And almost half of American oil consumption is for motor vehicles.
About 60 percent of the oil consumed daily by Americans is used for transportation, and about 45 percent is used for passenger cars and light trucks.
The country remains dependent on oil. But as we are now learning, oil is becoming increasingly scarce.
Here in the United States, we have between 250 and 300 years of a coal supply. That is more than the amount of recoverable oil contained in the entire world.
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