Oil and natural gas are found all over the world in varying concentrations. The United States imports 60 percent of its oil, with the majority coming from Canada and Mexico, while 84 percent of our natural gas is domestically produced.
Throughout history, about one trillion barrels of oil have been produced. By today's estimates, there are about two trillion barrels of recoverable conventional oil resources worldwide, and as much as twice that in additional frontier resources like extra-heavy oil, oil sands, and oil shale and shale gas.
Advanced drilling and well completion technologies, including hydraulic fracturing, have allowed for the development of these resources in areas that were not previously considered to be economically recoverable.
Currently, there is enough oil and natural gas to supply the world's energy needs for generations to come. And more is being discovered every day.
More information about Canadian oil and U.S. energy security:
- The U.S. Energy Information Administration estimates U.S. primary energy demand in 2030 will be 19 percent higher than 2006 levels.
- The United States will need more oil and natural gas, while also requiring additional alternative energy sources like ethanol and other renewables.
- Canada is the United States’ number one supplier of imported oil and natural gas. In 2008, Canada shipped nearly one million barrels per day more oil and refined products to the U.S. than did our second largest supplier of imported oil and refined products. About half of the Canadian crude oil brought into this country is derived from oil sands.
- Canada sends more than 99 percent of its oil exports to the United States, the bulk of which goes to Midwestern refineries.
- Canadian oil reserves are vast and are second only to Saudi Arabia, using current technology. Oil sands now account for more than half of western Canada’s total oil output, according to the Canadian Association of Petroleum Producers.
- By 2020, Canadian oil sands production is expected to rise from about 1.2 million barrels per day to about 3.3 million barrels per day.