I saw a Carter clip that said we have about 35 years of oil left, but technology has allowed us to extend that through new extraction methods like fracking. That wasn't known to him at the time. If we are super desperate for oil, ANWAR is a possibility, however conditions for drilling there are extremely harsh on humans. We will have to be dying of lack of oil to go there.
Refineries that can refine the type of oil we produce would help. As it is now we ship off most oil that we can't refine and import what we can refine. That sucks and is inefficient, but it is cheaper to refine oil imported than our own. Our refineries are old, but there is a huge new one being built in Oklahoma, hopefully that will refine domestic crude.
The new $5.6 billion oil refinery in Cushing, Oklahoma will use domestically produced crude oil to make transportation fuels. The refinery will process 250,000 barrels per day of light, sweet shale and light, sweet crudes from the Anadarko, Permian, Denver and Julesburg, and Bakken Basins into gasoline, diesel, and jet fuel. The refinery will use hydrogen and oxygen as a fuel source to eliminate up to 95% of emissions and greenhouse gas emissions.
I don't believe they pay off in terms of emissions in anywhere close to a year or two. When you count in the emissions for mining, processing, manufacturing, transportation, electricity generation, etc., no way. For Volvo EV's, it's around 6 or 7 years.
And how long have we had around 50 years or less of proved oil reserves left? Maybe 100 years or more? Proved reserves have been identified and determined to be economically producible at current or recent oil prices. More oil will be discovered and technology will improve. If the price of oil goes up, then reserves go up.
The amount of coal resources, which is a broader measure than reserves, is off the charts high. We could keep going for hundreds of years, although I don't think we will. Originally Posted by Tiny