U.S. oil reserves reached a new record in 2022. Crude oil and condensate proved reserves exceed 48 billion barrels (Figure 1). Reserves declined from 1969 to 2006 then increased with additions from the deepwater Gulf of Mexico and Tight Oil. Tight oil accounted for 27 billion barrels (56% of total) in 2022. The U.S. does not, however, have world-class oil reserves. It’s a respectable, second-tier reserve holder similar to Libya. U.S. reserves are about half of Russia’s, one-third of Iraq’s, & about one-fifth of Iran’s & Saudi Arabia’s (Figure 2). It holds roughly 3% of the world’s reserves compared to Iraq’s 9%, ... (full story)