Skip to comments.The World Has 53.3 Years of Oil Left
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 ...
53.378 years actually. LOL!
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?
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.
NOT counting all other producers... is it simply poorly written or am i reading it wrong?
I’m going to short sell all my oil stocks in 52.999 years.
“I suspect the undiscovered reserves are larger far than we know.”
The big question is whether or not it is a ‘renewable’ resource.
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.
How long is that in dog years?
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.
Who can post the very appropriate “Oh Noes” gif? Thanks.
“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.
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.
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.
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
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.
bull. crap. mythical “science” bs.
Build nuclear plants.
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.
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.
Thank you Mr. Spock.
So many consultants make so much money on “Peak Oil” that they need it to come true.
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.
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.
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.
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.
That's the way I read it too
time to raise prices /sarc
No way...impossible !!!
Thank goodness global warming can't be wrong... /S
Yeah...right !!! ...sure you are...wink, wink
Admit it, you are on big oil payroll...
< Taking libtard tin foil hat off... >
“533 years, not 53 years!!” The motley fool has a typo!
533 years? Typo by the fool.com?
BP should have been kicked out of the US years ago.
Cheap bastards costs lives by going cheap.
Well I must admit I am on the payroll.
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.
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?
No one takes the concept of “peak oil” seriously anymore, and some people are butthurt over it.
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