While limited, the US, Russia and Venezuela alone could supply the entire world's oil demands for approx 24 years with known reserves that have not been set up for much extraction yet. They have about 800 billion barrels reserve combined and usage is around 34 billion barrels/year for the world.
While limited, the US, Russia and Venezuela alone could supply the entire world's oil demands for approx 24 years with known reserves that have not been set up for much extraction yet. They have about 800 billion barrels reserve combined and usage is around 34 billion barrels/year for the world.
It's still a limited amount of oil. It's the cost of infrastructure to extract, refine and transport that drives the cost up. That, and a lot of economic and political nonsense