It did surprise me! The US produces more than x4 of what Nigeria produces.

No. Country Production (Thousand Barrels per Day)
1. Saudi Arabia 10,521
2. Russia 10,146
3. United States 9,688
4. China 4,273
5. Iran 4,252
6. Canada 3,483
7. Mexico 2,983
8. United Arab Emirates 2,813
9. Brazil 2,719
10. Nigeria 2,458
11. Kuwait 2,450
12. Iraq 2,408
13. Venezuela 2,375
14. Norway 2,134
15. Angola 1,988

http://www.eia.gov/countries/index.cfm

The only downside is that the US consumes a little less than twice of what is produced locally! It seems that if the US embarks on a major reduction in consumption, there would be less reliance on foreign oil.

Country Consumption
1. United States 19,180
2. China 9,392
3. Japan 4,452
4. India 3,116
5. Russia 3,038
6. Saudi Arabia 2,650
7. Brazil 2,560
8. Germany 2,495
9. Korea, South 2,251
10. Canada 2,216
11. Mexico 2,073
13. France 1,861
14. Iran 1,800
15. United Kingdom 1,622
16. Italy 1,528

http://www.eia.gov/countries/index.cfm?topL=con

Indeed. Surprised the heck out of me when I first learned this fact.

The US has got even more untapped oil in the nature reserves of Alaska.

It doesn't surprise me, but the fact that we consume more than we produce fuels our search for oil across the globe. The U.S. definitely has untapped oil reserves in Alaska, the Mid-West and along our coast. However, the environmental lobby prevents most of this oil from being tapped into.

it's a well known fact....no news here, you haven't even mentioned US oil stocks

Nebeuwa: It doesn't surprise me, but the fact that we consume more than we produce fuels our search for oil across the globe. The U.S. definitely has untapped oil reserves in Alaska, the Mid-West and along our coast. However, the environmental lobby prevents most of this oil from being tapped into.

precisely!

You think they are stupid . . . . . . has Nigeria ever heard of reserves.

These clever oyibo people purchase a lot of oil just to hold in storage.

Trust me when I sat one day, we'll be buying oil from them - once we've run out and the price of a barrell is like $700.

Nwa_Nimo: You think they are stupid . . . . . . has Nigeria ever heard of reserves.

These clever oyibo people purchase a lot of oil just to hold in storage.

Trust me when I sat one day, we'll be buying oil from them - once we've run out and the price of a barrell is like $700.

you make it sound like there's a conspiracy or something. I personally don't believe so. I see it as purely economic.

Like someone said environmental groups in the US wield considerable leverage and can, at the moment anyway, effectively halt any attempt at exploration. The current oil prices, which are still not too bad, and the recent Bp spill gives the group their power. Eventually, however, the price of oil will become so high that the incentive for further exploration will be too irresistable that even the pressure groups will not be able to influence. T

Heh.

US strategic oil reserve is evidently ~727 million barrels.

Sounds like a lot...but given the consumption levels is not

Not in anyway surprised, i knew this a long time ago, i had a friend who was a Jehovah witness, and supplied me awake magazine. Nigeria is no doubt a "poor" country mostly because it is a banana republic

No surprises there at all.
What is the point of producing barrels of oil that cannot be refined in Nigeria?
Twice that amount is stolen by 'the you know whos' every day too.
Ye-ye --ANT of African Hill.