I don't consider nearly half of the refined product we use to be nearly all of it.
what’s coming online
What is coming in the future production at $70 is not going to be the same growth we were seeing at $100. Expectations that our production growth is just going to continue at the same rate is naive.
. The Bakken reserves alone are 10 times the reserves of Saudi Arabia and the Australian outback is similar.
Oil/Bitumen/kerogen in place, in the ground is not the same as economic production rates. When prices were $100, we were only economically recovering about 5% of the oil in the Bakken.
You’re short-sighted in your view. Plenty of people opined years ago (and you were probably one of them) that there was no way that domestic oil production would ever satisfy 50% of USA demand. Where are those people now?
Self-sufficiency for North America is well within reach.
Do you see technological innovations coming along that will improve that percentage? Are you saying that 95% of the oil in Bakken is currently not economical below $100/bbl?