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!
Ping.
For later
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.
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?
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
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.