Search Results:
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When will we run out of crude oil?
Answer:
If you ask an economist this question the answer would be “never.” As demand competes for a reduced supply, the price will rise, consumption will switch to alternative fuels and oil will continue to be used forever for functions that support its price. This answer is both technically correct and a cautionary tale about asking economists these types of questions. The practical answer is, well complicated.
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Will China purchase Canada's oil sands crude if the Keystone XL pipeline isn’t built?
Answer:
Following Pres. Obama's decision to reject the Keystone XL permit, Canadian Prime Minister Stephen Harper is looking to ship oil sands crude to Asian markets and met with Chinese President Hu Jintao in February 2012.
Shipping oil sands to Asian markets is a loss for American job creation, the U.S. economy and overall U.S. energy security for years to come.
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What’s the difference between “proven” reserves and total reserves?
Answer:
Contrary to the often repeated and vastly misleading statement that the United States holds only 2 percent of the world’s oil reserves, the United States actually has enough energy to power 65 million cars for 60 years and heat 60 million homes for 160 years.
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How much oil and natural gas is left in the United States?
Answer:
The United States has enough oil and natural gas resources to power 65 million cars for 60 years and heat 60 million households for 160 years. In fact, with increased access and Keystone XL pipeline approval, 100 percent of America’s liquid fuel needs could be met by the United States and Canada. Despite misleading rhetoric, energy security is attainable.
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