Re: US and world oil supply.
In the 70's, a very popular notion was that "oil will be exhausted by 2020." When it wasnt, some people started to posit that oil is not a "fossil fuel" at all, but a naturally-replenishing resource. In the lb, an article started that old fields are producing new oil. The oil companies do not use the word "replenished" because it's a bad word for the supply side. Oil needs to be around $50 for the oil industry to make any real money. Expect that this year. It's currently hovering around the +/- price of $40. We need to learn how to use oil more efficiently, with less pollution. Oil independence was advocated by Reagan, but nothing happened to make it so until Trump. It took him under 2 years.
Bottom line re oil: WE RICH BITCH!