That may be, but extracting it from the ground and consuming at a much faster rate would have accomplished exactly what?
If the US continued to extract and consume US oil reserves along the same trajectory as it was heading on in 1971 How much US oil would be left today?
In other words US is consuming half as much domestic oil as it did in 1971 Had the US continued to extract and consume along the trajectory it was set on in 1971 it would be consuming 3 times as much oil from US sources instead of half as much
So how much oil would be left in the ground had the US taken your pedal to the metal approach to extraction and consumption?
Maybe there is no way for you to wrap your head around it But... Almost all industry regulation is formulated by persons from the regulated industry And then those regulations are administered by persons from that regulated industry also The oil industry is the prime example of this
-jim