“Government can’t make a private company stay out of the global market. It would literally be telling them they aren’t allowed to make money like everyone else.”
Not surprising that we have some SOCIALISTS on this site. Explains a lot when it comes to other issues regarding the interests of this country.
The United States currently holds the world’s largest total recoverable oil reserve base, estimated at 264 billion barrels due to technological advancements in unconventional shale. It is the top global oil producer. -—American Oil & Gas Reporter
The U.S. leads in total recoverable oil, followed by Russia (256B) and Saudi Arabia (212B), with over 50% of U.S. reserves found in unconventional shale plays.
The US is the world’s largest oil producer (approx. 13.2 million barrels daily in 2024), but it does not control foreign reserves in nations like Venezuela (largest proven reserves) or Saudi Arabia.
While a major producer, the US is also the world’s largest consumer of oil, often importing oil because domestic refineries require different crude grades than those produced locally.