Among oil-producing nations, Venezuela has by far the largest share of the world’s
proven oil reserves (16.1%), followed by Iran (11.6%) and Canada (10.3%)., whereas
Russia has just 5.2%; the U.S., 2.4%. Canada exports 90% of its oil to the U.S., while
we get nearly half (48%) of our oil from them. At our current rate of consumption,
which is higher by nearly five million barrels per day than what we either purchase
or produce, we will run out of petroleum products in about 20 years, unless we cut
consumption dramatically. Even then we won’t be self-sufficient, since there isn’t
much anyone can do about the geological cards that the fossils dealt. However, the
next time someone says “drill, baby, drill,” or advocates doubling our oil production
to meet consumer demand while declaring our independence from “OPEC and the
Seven Sisters,” laugh in their face, then say “We Are Not Amused” before they try to
send you offshore, and pump you full of gas. As Mark Twain observed, there is no
argument against laughter, except whatever dinosaurs once did to initiate foreplay.

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Signed: Dennis Rohatyn