I Drink Your Milkshake!

I drink it up!

Mexico’s largest oil field, Cantarell, was discovered in 1976 and reached peak production in 2005 at approximately 2 million barrels per day. Its production has been in a steady decline ever since. According to state-owned Petroleos Mexicanos (Pemex), Cantarell (the third largest in the world) is now producing less than one million barrels per day. Mexico get’s over 40% of its revenue from Pemex. In terms of quantity, Mexico is the third largest supplier of crude to the United States, behind Saudi Arabia and Canada.

Saudi Aramco, Saudia Arabia’s state-run oil company, controls Ghawar, the largest oil field in the world. Ghawar, discovered in 1948, along with four other super-giant oil fields (Safaniya-Khafji, Shaybah, Abqaiq, and Berri) produce 90% of the kingdom’s oil. According to oil industry experts, the northern section of Ghawar is in decline and within the next couple of years production from the entire field will fall. Saudi Arabia is the second largest supplier of crude to the United States.

Since 1980, only three oilfields have been discovered that still produce over 200,000 barrels per day – (Brazil’s Marlim field, Columbia’s Cusiana/Cupiagua, and the Draugen field in Norway).

The U.S. imports just over 1,800,000 barrels of crude from Canada daily.

In total, we consume almost 22,000,000 barrels per day, almost 60% of it imported. Approximately 70% of our daily consumptions goes to transportation.

This week the U.S. Department of Energy approved the release of 900,000 barrels of oil from the Strategic Petroleum Reserve, or just over 4% of our daily consumption. Enough oil for less than one hour.

It's time to rethink our strategy, but in the meantime, we'll drink it up.