Tommie Frazier, 1995
The official reason is national security, so that the US petroleum reserve can be maintained for use in the case of war.
The drilled oil belongs to whoever owns the specific oil rig.
Canada has 179 billion barrels of oil in reserve. The US has only 26.5 billion barrels of oil in reserve.
The Commonwealth
The US currently holds a "reserve" of 345 billion barrels of crude oil in land. However they hold a 250 billion reserve of shore trhough out the Pacific trnech and Gulf of Mexico.
ALOT. 700mil barrels
Middle east countries
according to U.S. monthly, japan owns 21.34333 percent of U.S. soil and about 41 percent of the federal reserve.
The country of Saudi Arabia has the largest oil reserve in the world with over 100 billion oil barrels. The second largest oil reserve in the world is Iraq with over 21 billion barrels.
At the end of 2008, the US had about 714,000,000 barrelsof crude oil in the Strategic Petroleum Reserve.
An oil reserve is a discovered but not yet consumed pocket of oil. Reserves are typically in the form of crude oil that is pumped out of the ground as liquid, or tar sand that is mined and later processed into oil.