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More than 50% of the United States oil reserves come in the form of unconventional shale oil, with Texas alone containing 60 million barrels of this type of fossil fuel.
Taking a 40% haircut for the kingdomâs overstatement means Saudi Arabiaâs reserves are 160 billion barrels and falling. With U.S. crude oil reserves at 150 billion barrels in 2012 and passing 205 billion barrels in 2016, America again has the largest crude oil reserves in the world.