The Recurring Lie about the US Oil Industry

We've been told for decades that oil is running out and that the U.S. needs to reduce its dependency on imported oil. But after decades of hearing that the end of oil is near, and that the U.S. is going to steer away from importing crude, the production is at all time highs and they're STILL importing about 40% of the oil they consume. So what's really going on?

FULL TRANSCRIPT + SOURCES:

MAIN SOURCES:
Oil Dependence and U.S. Foreign Policy (Council on Foreign Affairs):

Are We Running Out of Oil? (NCPA Think Tank):

America Produces Enough Oil to Meet Its Needs, So Why Do We Import Crude? (NASDAQ):

Why the U.S. Must Import and Export Oil (American Petroleum Institute):

#USOil #Documentary

[MrSilki]

i dont know how u missed to mention the fracking in the video. it enabled USA to keep up with the energy demands

[mayflowerlash]

Oil will never "run out". What will happen is that it will get more expensive as it becomes rarer.
And even this will be modified as the demand for oil gradually reduced. 
The oil will remain in the ground and explorers will know where it is and how much there is, but it will progressively become more expensive to extract the next barrel.

[stanleysmith]

I was born in 1988 so I attended school throughout the 90's. The 90's were significantly less unhinged than the 2020's but despite all that my #6, #7, #8 and #9 grade textbooks for geography were swirling with statements like "the world will run out of crude oil within 10 years", "the polar ice caps will melt in 10 years" the "world becomes irreversibly overpopulated with 20 years". "The Earth is likely to be hit by an asteroid within a 100 years ". "Y2K will either make all the nuclear power plants explode or society will revert to #19 century levels." I was 11 years old in 1999 and we were living in close proximity of a nuclear power plant back then. For months I was literally too afraid to go to sleep, what if the power plant explodes and I never wake up? A 11 year old boy shouldn't be asking himself such questions. It's 2024 and the power plant is still up and running...spoiler: it did not explode. Y2K was a hoax. The world running out of crude oil was a hoax. Climate change might be real, but the last time I've checked we're well past 2000 and Antarctica still has plenty of ice left, so I'm calling hoax. Hoaxes which made billions anxious and a few people very rich. Maybe this is the reason why I hate the Greta Thunberg types with passion. They are literally spreading anxiety and mental illness among young people while their handlers make a shitload of money.

[gtbkts]

Thanks for the awesome content and all the amazing videos!

[ednl]

Leuk om je een keer in het echt te zien 🙂 En weer een prima video!

[jameskamotho]

"Sponsored by big oil". Simple question. If there are no natural supply constraints, why does the cost not come down?

[stuartalmost]

The US gets over 1 million barrels of crude per day from Canada and oil was found and developed in Oil Springs, Ontario, Canada before Pennsylvania.

[JamieCoville]

I was once told the US policy has a push/pull state in regards to Oil. Ultimately when Oil runs out, they want the US to be the last country to still have oil, so that's why they import so much oil from other countries, so they can use up their supply before they use up all the the domestic supply.
But of course, oil producers in the US want to make money and as much money as possible and make it now. Since they have a lot of power and influence over the politicians, their desires hold some sway. So it's always a tightrope act for governments in pleasing the domestic oil suppliers and making sure they aren't one day held 'hostage' to foreign oil in the future.

[daispy]

The estimates of global oil reserves hinge not only on new discoveries but also whether one believes Saudi Arabia's claims about its own reserves. Given KSA's increasing need to lean on OPEC+ (i.e., Russia), to maintain the cartel's power and KSA's failure to lift production when supply is short, one has to wonder: is it because their oil is getting more expensive to pump or because they are actually running down their reserves?

SImilarly, Saudi Aramco has been THE income source of the Saudis for decades but now they are floating it on the stock market. Are they suddenly interested in sharing their golden goose with outside investors or is this the bubble to replace revenues?

[trekpac]

This report totally misses the fact that fracking was discovered 20 years ago, reviving a dying industry completely.

But fracking oil is being depleted very rapidly. It does not have a long future. Do a report on it.

[Babytiguer]

I'm starting to like more and more this channel 👏🏼

[rg]

I strongly dislike the term "addicted to oil." The most important factor in human development is cheap, readily available, and easily transportable energy. Every aspect of our economy and thus our health and our lives depends on this.

What would have happened without oil? Extinction of whales and incredible deforestation at a minimum.

[metalema]

Big oil companies have so much money that they decide what propaganda the media and politicians have to pedal. Even the green parties are funded by them.
An idea of how always "reaching peak oil" benefits them is that the public will think "experts" are crying wolf on the issue so the state will not be pressured into limiting the amount of oil that can be sold, this way they can keep making money nonchalantly.

[classesanytime]

Those 20 years are estimated on IF the US is able to import oil from other nations to meet their need!
The US isn't producing enough for their own domestic need and relies on imports to not having to increase production!
If the other nations such as Russia, Venuzuela, Brazil or the Arabs refuse to supply to the US, those 20 years might just be 10 years or less!
Dark times (literally and figuratively) are coming soon for the US!
Can't say it didn't have it coming!
What comes around goes around!

[kalebdaark]

There's a guy called Alister Hamilton from University of Edinburgh who's crunched the numbers and his finding is that the we are reaching the point were it will take more energy to get the oil out the grown than the oil provides. Also there's a geologist, ex- oil industry, called Arthur Berman pointing out that while demand has continued to grow the only increase in supply has come from American tight oil (shale) and that supply is getting less oil out per well drilled.
I personally can't tell you if either of them are full of it, I have no expertise in the area, I just suggest you look them up if you're interested.

[uniktbrukernavn]

2:02 So when you first started a youtube channel you already had a list of potential sponsors that you'd like to have? What a weird thing to say.
I'm not gonna comment on Betterhelp, I think the other comment did a good job.

"Drill, baby, drill"
~Trump

[zombiebullshark]

Better help? (Don't recommend channel)

[kurtlowder]

its time to calm down the political fight. we ran out of the easy conventional oil. now we have to frack oil. most fracked wells last 5 years or less. they are way more expenisve than traditional oil. bunch of natural gas comes up too. its not enough to build a gas pipeline to the short-term well head, so they just flare it. fracking is expensive and horrific to the environment. EVs are almost affordable now. US is now 9% of sales being EVs, but china is 48% and europe is over 20%. US is far behind because half the country hates EVs. it will take two decades to transition to EV here. I doubt we will slow down oil production. currently 30% of oil production is used for non-transportation purposes to make fertilizer, pesticides, asphalt, chemical, plastics, etc. in 20 years, this "other" category will be much bigger. in 50 years we probably be well off enough to deal with all the pollution fracking has caused. i wish it were possible to do less of it, but oil industry is too powerful for now. it will be interesting to see if companies like google, microsoft, amazon, tesla get better a lobbying for clean technology. They have started a little because cleantech saves them money in an increasing number of scenarios. but for now oil production is at an all time high. despite democrats playing lip service to climate change. enough are bought by the oil industry that we are not weaning off it at all yet.

[Robberman]

For Every like I get I will do nothing🗿👍