Oil impacts economic growth

The US has just 21 billion bbl of proven oil reserves, down 44% from 39 billion in 1970. That's just 2% of the world's proven reserves. The world is consuming 25 billion bbl of oil a year, but discovering only 7 billion. In fact, every year for the past couple of decades the industry has pumped more oil than it has discovered. Since the mid-1980s, the world's daily oil consumption has jumped over 35%-while oil production has climbed only 10%. Oil discoveries peaked in the early 1960s, and 80% of today's production comes from fields discovered before 1973. And many of these older oil fields are producing less and less, while replacement fields are increasingly scarce. We be...

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