ATLAS THUGGED – WHO IS “BIG OIL”?
I love reading about the oil business in the press. You know, “Big Oil,” popularly portrayed as a monolithic behemoth run by fat American men that rule the world and screw consumers while gleefully counting their vast supplies of money? Well, that’s the Hollywood version of the world that defines what a typical American thinks. I have spent my entire adult life working in this industry, several years of it with “Big Oil,” and have never seen anything that even remotely resembles this cartoon ‒ except for the fat American man part, but that’s just me.
Does the U.S. Really Have More Oil than Saudi Arabia?
People are often confused about the overall extent of U.S. oil reserves. Some claim that the U.S. has hundreds of billions or even trillions of barrels of oil waiting to be produced if bureaucrats will simply stop blocking development. In fact, in a recent debate between Republican candidates contending for Gabrielle Giffords' recently vacated House seat, one candidate declared "We have more oil in this country than in Saudi Arabia."
The Oil Drum