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According to  Mr. Nansen G. Saleri, president and CEO of Quantum Reservoir Impact in Houston, former head of reservoir management for Saudi Aramco:

Nansen Saleri
"...the Obama administration's approach to U.S. domestic oil and gas production can be characterized as a strategy of ambivalence, an uneasy equilibrium between desire to lessen the role of fossil fuels and the reality of their necessity in a functioning U.S. economy."
Global petroleum production is approximately 85 million barrels of oil per day. According to various estimates, consumption is about 82 million barrels per day. Fossil fuels make up about 85% of total U.S. energy demand, which is estimated at about 45 million to 50 million barrels of oil equivalent per day. Energy imports, mainly crude oil, account for 20% of the total U.S. energy requirements.

According to a 2007 study by National Petroleum Council, at the request of the U.S. Department of Energy, approximately 61% of energy produced is lost due to factors such as poor insulation, gas-guzzling vehicles or suboptimal power plants. On average, only one out of three reservoir barrels is recovered, which translates to an overall efficiency of only 13% for oil that is converted to a usable form. Improving energy efficiency should be a top priority, not just in our surface usage but also at the point of extraction.

The planet is endowed with plentiful sources of natural gas and oil, conventional and unconventional. Some estimates place global unconventional gas resources at about 33,000 trillion cubic feet, or about five times the amount of proven reserves at the end of 2009. At current rates of global consumption, there are sufficient oil and gas supplies to last well into the next century. (WSJ, 3/9/2011)