World oil reserves

The United States has 2.4 percent of the world’s "proven" oil reserves: that is, oil we know is there and can be pumped using existing technology. But that’s a pretty small percentage considering we consume more of it than any other country – and also considering we’re one of the largest oil producers. No other country that produces as much oil also consumes so much. Most experts say the oil reserves we have are in increasingly remote locations, like offshore and in Alaska, which means it’s very likely to be costly and difficult to extract. Those efforts also take years to develop. And just to put this all in a global perspective, the Middle East has 61 percent of the world’s proven oil reserves. Iran alone accounts for 11.2 percent.