95 Years Ago, A Survey Predicted The US Would Run Out Of Oil By 1942

On Tuesday, Exxon Mobil Corporation XOM announced an acquisition expected to yield about 3.4 billion barrels of oil in the Permian Basin. American soil — though desiccate of late — is seemingly rich in natural resources.

But this abundance defies predictions of U.S. oil depletion by 75 years.

Ritholtz Wealth Management recalled a 95-year-old assessment of American resources that foresaw a very different future.

@RitholtzWealth tweeted on Thursday, "Today in market history, 1922: Geological Survey predicts US will run out of oil in 20 years. Current reserves: 55 billion barrels."

These estimates were a tad inaccurate, and companies are still capitalizing on yet-untapped oil stores as of 2017.

However, imports may have played a role in preserving domestic supplies. In 2015, the U.S. Energy Information Administration reported global oil imports of 2.69 billion barrels. By contrast, the U.S. produced 3.44 billion barrels the same year.

Posted In: EducationCommoditiesMarketsGeneral
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