Although the Permian Basin is rich in oil and natural gas, the claim it could fuel America for 200 years does not align with current estimates. Changing economic and geological conditions make long-term predictions untenable.
By Ciara O'Rourke • July 18, 2022
And just because oil is technically recoverable does not mean it will be recovered. What matters more, experts say, is whether the oil is economically recoverable — meaning that the price of oil would render that extraction profitable. Even if we were to factor out the complexity of fluctuating estimates, changing economic conditions and advancing technology, the numbers still don’t add up to what is claimed in this Facebook post.7.22 billion barrels of petroleum in 2021. Continuing at that rate of consumption, the estimated 71 billion barrels would last only 10 years. A 200-year supply would require closer to 1.45 trillion barrels — far beyond current estimates for the region.
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