The World Has 53.3 Years of Oil Left

Motley Fool ^ | 6-22-2014 | Matt DiLallo

[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.

[DanielRedfoot]

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.

[Secret Agent Man]

bull. crap. mythical “science” bs.

[DannyTN]

Build nuclear plants.

[Kenny Bunk]

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.

[gunsequalfreedom]

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.

[Maurice Tift]

   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.

[Celtic Conservative]

53.378 years actually.

Thank you Mr. Spock.

CC

[Gen.Blather]

Renewable?

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

[x_plus_one]

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

[Dusty Road]

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.

[Dusty Road]

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.

[Cvengr]

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.

[norwaypinesavage]

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.

[Hot Tabasco]

JUST UNDER BP'S CONTROL!!!

That's the way I read it too

[yldstrk]

time to raise prices /sarc

[WorkingClassFilth]

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.

[Popman]

Wait' Peak oil predictions were wrong...

No way...impossible !!!

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

[Popman]

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... >

[Las Vegas Dave]

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!

[Las Vegas Dave]

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?