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GLOBALIST QUIZ: America's percentage of global oil reserves

An oil well sits in the middle of a corn field near New Haven, Ill. Higher levels of ethanol for gasoline are to be allowed in newer cars.

TEXT OF INTERVIEW

STEVE CHIOTAKIS: Oil is the topic of today's Marketplace Globalist Quiz. Something we do every so often to
test our knowledge of current events and public affairs. And we're glad to bring in Stephan Richter from theglobalist.com.

Good morning Stefan.

STEPHAN RICHTER: Good morning. I take it you're ready!

CHIOTAKIS: I am ready. Give it to me.

RICHTER: Alright so, what percentage of global oil reserves is located in the United States? Is it 20 percent, around 10 percent, around 8, or just 2 percent?

CHIOTAKIS: We have Alaska, so I think that helps the situation. So maybe it's not 2 percent. Maybe it's eight or ten -- I'm going to guess 8 percent.

WRONG BUZZER

RICHTER: Eight percent is a good guess. It has nothing to do with the existing level of U.S. oil reserves, though. But, you know, we're still a big oil producer that's forgotten. We're the third largest in the world and we do provide 8.5 percent of the world's oil. And our domestic oil accounts for almost 40 percent of U.S. daily consumption but alas it's not Alaska, alas it's not eight percent.

CHIOTAKIS: Alright, so I'll say the next answer that I had. Ten percent.

WRONG BUZZER

RICHTER: Ten percent is what the Europeans and Eur-Asia have. And by the way, China, China consumes 10 percent of oil, and the U.S. 20 percent. So I'll rule out the 20 percent answer for you right here and now.

CHIOTAKIS: Let's see -- the process of elimination here would mean -- 2 percent.

DING DING DING DING DING

RICHTER: Two percent. And that is of course quite scary if you look at all of our environmental policies and all the "drill baby drill" kind of things. We can drill any road to heaven or hell or anything in between. And we just have very few reserves so that would speak for having smarter energy policies so we don't depend as a giant who consumes 20 percent of the world's oil by just having 2 percent of its reserves. That's a quite terrible mismatch for our longer term future.

CHIOTAKIS: Stephan Richter, thank you for your time this morning and for the education.

RICHTER: Alrighty.

About the author

Stephan Richter is the publisher and editor-in-chief of The Globalist, a daily online magazine on the global economy, politics and culture.

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