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The World Has 53.3 Years of Oil Left
Motley Fool ^ | 6-22-2014 | Matt DiLallo

Posted on 06/28/2014 9:20:33 PM PDT by Citizen Zed

BP (ticker BP ) has provided an intriguing update to its global oil reserves estimate in the company's latest yearly review of energy statistics. BP raised its reserve estimate by 1.1% to 1,687.9 billion barrels, which is enough oil to last the world 53.3 years at the current production rates. However, there's likely a lot more oil left in the tank beyond what BP sees today.

A good portion of the growth in global oil reserves in BP's report comes from the United States. According to BP, the U.S. has 44.2 billion barrels of oil reserves, which is 26% higher than it previously thought. It's also quite a bit more optimistic than the U.S. Energy Information Administration, which recently increased its estimate to 33.4 billion barrels of reserves, or 15% more than previously thought.

(Excerpt) Read more at fool.com ...


TOPICS: Chit/Chat
KEYWORDS: airplanes; bp; doomsdaycult; oldnews; peakoilmeme; prophecy; trucks
I drink your milkshake.

1 posted on 06/28/2014 9:20:33 PM PDT by Citizen Zed
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To: Citizen Zed

53.378 years actually. LOL!


2 posted on 06/28/2014 9:22:38 PM PDT by FlingWingFlyer (The future must not belong to those who slander bacon.)
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To: thackney

Ping.


3 posted on 06/28/2014 9:24:04 PM PDT by Army Air Corps (Four Fried Chickens and a Coke)
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To: Army Air Corps

For later


4 posted on 06/28/2014 9:25:30 PM PDT by corlorde (forWARD of the state)
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To: Citizen Zed

The Myth of lack of oil has been going on since it was first discovered. It has been more than 100 years since we have had the first ‘peak oil’ story in the press. They have been flogging this dead horse for more years than they have the fake story about CO2 being a pollutant.

Remember all the stories about the Ozone Layer?


5 posted on 06/28/2014 9:29:21 PM PDT by Jim from C-Town (The government is rarely benevolent, often malevolent and never benign!)
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To: Citizen Zed

On a 1972 airplane flight from Europe, I met a Exxon geologist who confided to me in all seriousness that there was only 10 years worth of oil left. He’d had a few drinks and I suspected it was the alcohol talking. During the 1973 oil crisis I recalled what he had said and gave it more serious thought.

Now 40+ years later, due to improved technologies for discovery and recovery, we are producing and consuming more oil than ever. I suspect the undiscovered reserves are larger far than we know.


6 posted on 06/28/2014 9:34:20 PM PDT by TexasRepublic (Socialism is the gospel of envy and the religion of thieves)
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To: Citizen Zed
How the hell would you know? Pure nonsense. Where do all the cocolithophores, plankton, krill, and the rest of the sea flora go? Do they just disappear? Let me know.
7 posted on 06/28/2014 9:37:36 PM PDT by Fungi
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To: Citizen Zed
the way it's written, there's 53.3 years of oil JUST UNDER BP'S CONTROL!!!

NOT counting all other producers... is it simply poorly written or am i reading it wrong?

8 posted on 06/28/2014 9:38:38 PM PDT by Chode (Stand UP and Be Counted, or line up and be numbered - *DTOM* -vvv- NO Pity for the LAZY - 86-44)
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To: Citizen Zed

I’m going to short sell all my oil stocks in 52.999 years.


9 posted on 06/28/2014 9:42:13 PM PDT by Cubs Fan (liberalism is a cancer that destroys everything it gets control of.)
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To: TexasRepublic

“I suspect the undiscovered reserves are larger far than we know.”

The big question is whether or not it is a ‘renewable’ resource.


10 posted on 06/28/2014 9:43:28 PM PDT by pieceofthepuzzle
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To: Citizen Zed
How many years? The more expensive it gets, the more economically feasible the difficult sources get.

Did I hear in the news that the U.S is now an exporter of oil?

Imagine that!



"Dia shábháil ar fad anseo!"

Genuflectimus non ad principem sed ad Principem Pacis!

Listen, O isles, unto me; and hearken, ye people, from far; The LORD hath called me from the womb; from the bowels of my mother hath he made mention of my name. (Isaiah 49:1 KJV)

11 posted on 06/28/2014 9:44:22 PM PDT by ConorMacNessa (HM/2 USN, 3/5 Marines RVN 1969 - St. Michael the Archangel, defend us in Battle!)
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To: Citizen Zed
Ha...MOTLEY FOOLS Indeed.....they ignored the Green River Formation...

The worlds known estimates of oil are about 1 Trillion barrels of oil.

According to the USGS the Green River Formation has an estimated 3 Trillion barrels of oil...with 1 Trillion barrels recoverable with today's technology.

So we can double the Motley Fool Estimate.

12 posted on 06/28/2014 9:46:59 PM PDT by spokeshave (OMG.......Schadenfreude overload is not covered under Obamacare :-()
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To: Citizen Zed
"Read more at Fool.com" That says it all right there. Oil is a renewable resource not made from fossil anything. Manufactured in the earth's mantle and forced outward by the centrifugal spin of the planet. Some places the surge upward is slowed by dense material which necessitates deep well drilling which Stalin discovered in 1953 and started a serious soviet deep drilling program that has now left them at the top of oil production, topping even the House of Saud. But if you do the research you'll find many of the formerly tapped out wells in Texas and Oklahoma are now slowly refilling. Yes I have read some books on this issue but as I remain a Christian I can only hold to my faith that the Lord knew when he made the planet how big a deal oil was going to become and provided ample supplies (renewable) for our use.
13 posted on 06/28/2014 9:50:58 PM PDT by ExSoldier (Stand up and be counted... OR LINE UP AND BE NUMBERED...)
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To: FlingWingFlyer

How long is that in dog years?


14 posted on 06/28/2014 9:58:03 PM PDT by Jeff Chandler (Conservatism is the political disposition of grown-ups.)
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To: ExSoldier

Fool is just a silly name for an investment-idea website.

Even if oil were purely a fossil fuel, and not abiogenic, there’s still a whale of a lot of it not yet found. It’s assumed in these estimates that if not yet found, it isn’t there, which is not true.


15 posted on 06/28/2014 9:58:22 PM PDT by HiTech RedNeck (Embrace the Lion of Judah and He will roar for you and teach you to roar too. See my page.)
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To: Citizen Zed

Who can post the very appropriate “Oh Noes” gif? Thanks.


16 posted on 06/28/2014 10:01:19 PM PDT by upchuck (Everyday, Joe Wilson becomes more correct!)
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To: pieceofthepuzzle

“The big question is whether or not it is a ‘renewable’ resource.”

The discovery of Methane (a hydrocarbon) on other planets is a strong argument for the idea that at least some oil and gas has non-biological origins. If true, then perhaps the question is the rate of renewal of those reserves coming up from earth’s core.


17 posted on 06/28/2014 10:12:52 PM PDT by TexasRepublic (Socialism is the gospel of envy and the religion of thieves)
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To: HiTech RedNeck
Jeez!

Who would have thought that North Dakota of all places would have such oil reserves?

Betcha that there are PLENTY of reserves out there, in the USA that haven't been tapped yet.

IMHO, the US has enough oil underground to provide our needs for at least 1000 years. If only we have the guts (and political will) to actually go get it.

18 posted on 06/28/2014 10:24:05 PM PDT by boop (I just wanted a President. But I got a rock.)
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To: TexasRepublic

Just beat me to it by “this much.” I just spoke with a geology major from my daughters college and asked her the very same question. If hydrocarbon is from decomposing organics, how do we have gigantic planets almost completely hydrocarbon with no life? She said that they had discussed that but were still unsure of where all the new oil was coming from. Some oil is several miles deep and it would be difficult for it to migrate that far from where it started. She also admitted that the amount of known oil reserves has been rising faster than anyone could have guessed just a few years ago. Getting a geologist to admit oil could be, ...well, just oil, instead of billions of years worth of rotting plants and animals is like getting them to consider evolution might be wrong. If oil is just a natural product from the earth, we could have a thousand years of it left. It just that we’ve found most of the easy stuff. Finding oil literally miles deep makes it costly to recover along with the danger, but technology has always come through in the past.


19 posted on 06/28/2014 10:29:24 PM PDT by chuckles
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To: Jim from C-Town

And we’re cutting down the equivalent of 10 football fields of Rain Forest per minute, and soon there will be no more Rain Forest, Right?

I notice there is yet to be a desert in Central America

1990 flash back.

Maybe they should start a “Oil Crisis Cafe” , like with the rain forest, it will be all better


20 posted on 06/28/2014 10:39:09 PM PDT by DanielRedfoot (Creepy Ass Cracker)
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To: chuckles

Actually I have heard geologist say the earth is creating oil naturally.

Obviously they get laughed at because they are real scientist. Just like the global warming scientist that just laugh and shake their heads at the nonsense of it all.

Real scientist don’t want to get caught up in the PC crap, they just do science.


21 posted on 06/28/2014 10:48:00 PM PDT by DanielRedfoot (Creepy Ass Cracker)
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To: Citizen Zed

bull. crap. mythical “science” bs.


22 posted on 06/28/2014 10:50:50 PM PDT by Secret Agent Man ( Gone Galt; Not averse to Going Bronson.)
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To: Citizen Zed

Build nuclear plants.


23 posted on 06/28/2014 10:54:42 PM PDT by DannyTN
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To: Chode
i> is it simply poorly written or am i reading it wrong?

You are reading it all wrong. It's a Google translation from an Italian news report about the potential economic damage to Italy from a possible olive tree fungus caused by Global Warming. The oil referred to is obviously Olive Oil.

If every Olive Tree in Italy is not immediately treated with Desenex, the Eyeties will be frying with Crisco in 53.3 years.

24 posted on 06/28/2014 11:02:25 PM PDT by Kenny Bunk (The GOP is dying. What do we do now?)
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To: Citizen Zed

At present consumption rates its 53 years but soon the norm for cars will be 80+ miles per gallon if they use gas at all. Synthetic lubricants are already available and when oil surpasses their cost consumption of oil will further slow. Make the prediction 100 year supply.


25 posted on 06/28/2014 11:25:49 PM PDT by gunsequalfreedom (Conservative is not a label of convenience. It is a guide to your actions.)
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To: Jim from C-Town
   Remember all the stories about the Ozone Layer?

  I miss the ozone layer stories. Someone needs to bring that one back! The climate change (formerly global warming formerly nuclear winter formerly global cooling) stuff is getting boring.
26 posted on 06/28/2014 11:51:57 PM PDT by Maurice Tift (Never wear anything that panics the cat. -- P.J. O'Rourke)
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To: FlingWingFlyer
53.378 years actually.

Thank you Mr. Spock.

CC

27 posted on 06/28/2014 11:57:20 PM PDT by Celtic Conservative (tease not the dragon for thou art crunchy when roasted and taste good with ketchup)
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To: pieceofthepuzzle

Renewable?

http://kickass.to/the-deep-hot-biosphere-the-myth-of-foss-thomas-gold-pdf-t6508363.html


28 posted on 06/29/2014 2:40:32 AM PDT by Gen.Blather
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To: spokeshave

So many consultants make so much money on “Peak Oil” that they need it to come true.


29 posted on 06/29/2014 2:48:24 AM PDT by x_plus_one (The enemy is at the gate and the writing is on the wall. Islam Delenda Est.)
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To: TexasRepublic

I’m a petroleum Engineer and I’ve been in this business for over 40 years. While I tend to stay more on the production side I’m familiar with most of it and I can say this. There is no way to determine just how much recoverable oil there is under our feet.

What many don’t understand is we don’t just drill until we hit oil, we drill until we hit the zone we want. With my Pebble 821 we drilled through 3 zones to get to the bottom of the Cline Formation just over 8 years ago. Two years ago the production was falling off so I did an acid job on it and the production improved. Two months ago I came up hole and shot perforation into the upper section of the Cline and it came in at about 180 barrels a day and is now down to about 35 per day. When that one plays out I’ll come up hole and hit the zones we passed.

The reason we passed those zones is because they have inherent problems such as too much water or Hydrogen Sulfide but they still produce. I’ve got several wells on the south end of the ranch that are over 40 years old and still producing.


30 posted on 06/29/2014 3:57:57 AM PDT by Dusty Road
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To: DanielRedfoot

Well the Earth does create it naturally and it’s doing it as I type but you have to have oceans to put that process into play.


31 posted on 06/29/2014 4:02:37 AM PDT by Dusty Road
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To: Citizen Zed

The public misinterprets the statistic.

The Oil & Gas industry has a major function generally known as Exploration. It’s function is to locate oil & gas for their business to continue operations.

Exploration doesn’t need to exceed a 40 year reservation of resources.


32 posted on 06/29/2014 4:07:03 AM PDT by Cvengr (Adversity in life and death is inevitable. Thru faith in Christ, stress is optional.)
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To: Citizen Zed

All of these “end of oil” forecasts assume that the last new source of oil was discovered yesterday, and that no new methods of finding, extracting, inventing, or developing oil sources will ever again happen. What fools there are at Motley Fools.


33 posted on 06/29/2014 4:44:46 AM PDT by norwaypinesavage (The Stone Age didn’t end because we ran out of stones)
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To: Chode
JUST UNDER BP'S CONTROL!!!

That's the way I read it too

34 posted on 06/29/2014 4:50:41 AM PDT by Hot Tabasco (By now, everyone should know that you shoot a zombie in the head. Don't try to reason with them...)
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To: FlingWingFlyer

time to raise prices /sarc


35 posted on 06/29/2014 5:06:04 AM PDT by yldstrk ( My heroes have always been cowboys)
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To: Citizen Zed; All
I learned from an oil person that these reserve estimates are based ONLY on the amount of oil KNOWN that can be extracted with TODAY'S technology for a REASONABLE profit. In other words, This low-fruit estimate is only used for oil industry purposes of planning and projection. The lefties, like these clowns, seize that information only to create these idiot brick-wall scenarios. I recall that when I was in high school (a lo-o-o-ong time ago) we were going to run out of oil by the early nineties, er, so said Paul Erlich, Lester Brown and all the other conniving leftist earth nazis.
36 posted on 06/29/2014 5:09:12 AM PDT by WorkingClassFilth
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To: Citizen Zed
Wait' Peak oil predictions were wrong...

No way...impossible !!!

Thank goodness global warming can't be wrong... /S

37 posted on 06/29/2014 5:09:45 AM PDT by Popman ("Resistance to Tyrants is Obedience to God" - Thomas Jefferson)
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To: Dusty Road
I’m a petroleum Engineer

Yeah...right !!! ...sure you are...wink, wink

Admit it, you are on big oil payroll...

< Taking libtard tin foil hat off... >

38 posted on 06/29/2014 5:17:01 AM PDT by Popman ("Resistance to Tyrants is Obedience to God" - Thomas Jefferson)
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To: FlingWingFlyer; All

Link reads: http://www.fool.com/investing/general/2014/06/22/the-world-has-533-years-of-oil-left.aspx

“533 years, not 53 years!!” The motley fool has a typo!


39 posted on 06/29/2014 5:22:36 AM PDT by Las Vegas Dave (The democRATic party preys on the ignorant..!)
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To: Citizen Zed

FYI: http://www.fool.com/investing/general/2014/06/22/the-world-has-533-years-of-oil-left.aspx,

533 years? Typo by the fool.com?


40 posted on 06/29/2014 5:25:59 AM PDT by Las Vegas Dave (The democRATic party preys on the ignorant..!)
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To: Citizen Zed

BP should have been kicked out of the US years ago.
Cheap bastards costs lives by going cheap.


41 posted on 06/29/2014 5:32:00 AM PDT by Eric in the Ozarks (Rip it out by the roots.)
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To: Popman

Well I must admit I am on the payroll.


42 posted on 06/29/2014 5:33:55 AM PDT by Dusty Road
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To: Kenny Bunk
d'oh, my bad...
43 posted on 06/29/2014 6:06:55 AM PDT by Chode (Stand UP and Be Counted, or line up and be numbered - *DTOM* -vvv- NO Pity for the LAZY - 86-44)
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To: Hot Tabasco
thank you, between of the scare mongering, out right lies and bad writing ya gotta parse every article article you read now days as much as everything that came out of Slick Willie's mouth when he was in office with what the meaning of the word is, is and all...
44 posted on 06/29/2014 6:17:29 AM PDT by Chode (Stand UP and Be Counted, or line up and be numbered - *DTOM* -vvv- NO Pity for the LAZY - 86-44)
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To: Las Vegas Dave

45 posted on 06/29/2014 6:50:06 AM PDT by Citizen Zed ("Freedom costs a buck o five" - Gary Johnston, TAWP)
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To: Citizen Zed
What is this? The 1970s?

Can't these fearmongers think of anything original.

The earth has been producing oil for billions of years. We've only been using it for about 150 or so.

I fart in your general direction, BP. Now go away or I shall taunt you a second time.

46 posted on 06/29/2014 7:19:53 AM PDT by Texas Eagle (If it wasn't for double-standards, Liberals would have no standards at all -- Texas Eagle)
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To: Texas Eagle
As much as I like the Sinclair Oil Dino mascot, I found it silly that ALL oil comes from dinosaur carcasses.

There was just not enough, even in my small 6 year old mind to account for ALL of the oil.

As it turns out, my 6 year old mind could just not grasp how much oil there actually is on the earth.

And my 47 year old mind KNOWS there is way more than 50 years worth.

Hell, my teachers told me we'd be out of oil by 1980.

So how come there's plenty of oil 34 years later?

47 posted on 06/30/2014 9:26:33 PM PDT by boop (I just wanted a President. But I got a rock.)
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To: Citizen Zed

No one takes the concept of “peak oil” seriously anymore, and some people are butthurt over it.


48 posted on 06/30/2014 9:30:48 PM PDT by denydenydeny (Admiration of absolute government is proportionate to the contempt one has for others.-Tocqueville)
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