Oil discoveries dispel "Peak Oil" as myth

Discussion in 'Energy' started by mdn2000, Nov 17, 2010.

  1. watchingfromafar
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    watchingfromafar Silver Member

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    Total global oil reserves are estimated at 2,092 billion barrels, or 70 times the current production rate of about 30 billion barrels of oil a year. For comparison, cumulatively produced oil through 2015 amounted to 1,300 billion barrels.
    U.S. Holds Most Recoverable Oil Reserves

    BP's annual report on proved global oil reserves says that as of the end of 2013, Earth has nearly 1.688 trillion barrels of crude, which will last 53.3 years at current rates of extraction. This figure is 1.1 percent higher than that of the previous year.14 Jul 2014

    The world has 53.3 years left to find an alternative to oil before current proved reserves run dry, according to BP. Of course, nations are finding new oil – meaning that number is rising – but new extraction methods are costly and can pose environmental threats.
    How long will world's oil reserves last? 53 years, says BP

    How much oil is left in the world?

    The world has 53.3 years of oil left at the current rate of production, according to BP's annual statistical review of world energy. Just 53 years! From the report: Total world proved oil reserves reached 1687.9 billion barrels at the end of 2013, sufficient to meet 53.3 years of global production.Jul 9, 2014
    https://jalopnik.com/bp-says-the-world-only-has-53-years-of-oil-left-should-1602354842

    New estimates of worldwide crude oil reserves total 1.651 trillion bbl
    (1,651,000,000,000)
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    In 2010, global crude oil demand was 86.4 million barrels per day.
    86,400,000,000x365=315360000000000000
    Daily global crude oil demand 2006-2018 | Statistic


    1,651,000,000,000/315360000000000000=19 years left

    My math might be off but it looks like, at current rate of consumption all the known oil reserves will be used up in 19 years.

    If the numbers are correct, we need to act now before it is too late !!
     
  2. RGR
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    RGR VIP Member

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    86.4 million per day is 31.536 billion per year. 1651 billions / 31.536 billions is 52.3 years. Maybe you missed some 0's somewhere?
     
  3. westwall
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    westwall Diamond Member Gold Supporting Member Supporting Member

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    Hmmm, this makes what the seventh time we are "DOOMED, DOOMED I TELL YA!" to run out of oil in mere years. Here's a hint, when the need arises, a solution will be found. It always has.
     
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  4. Toddsterpatriot
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    Toddsterpatriot Diamond Member

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    Whale oil!!!
     
  5. KissMy
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    KissMy Free Breast Exam

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    Most of the oil we produce goes right back into producing oil. The EROEI for Oil keeps falling! The Permian will be utilizing over 2 million truckloads to deliver fracking sand, or nearly 50% of Walmart’s supply chain: Plus over 1.5 gallons of fresh water to pump out each gallon of oil.
     
    Last edited: Jan 2, 2019
  6. bripat9643
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    bripat9643 Diamond Member

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    Utter horseshit. Oil has the lowest EROEI of any energy source.
     
  7. KissMy
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    You are an IDIOT!!! Low EROEI is very, very BAD!!!

    2 million loads of sand every year for 1 basin!!! A bunch more for water, drilling equipment, pumps, casings, cement, etc.
     
    Last edited: Jan 2, 2019
  8. bripat9643
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    bripat9643 Diamond Member

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    Whatever. producing oil consumes the lowest percentage of the end product. Ethanol is probably the worst of the fuels that burn. It may even be negative.
     
  9. Moonglow
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    Not hard to prove a theory from the 1970's wrong with better equipment to locate formations..
     
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    Alcohol burning engines are more fuel efficient than gasoline and diesel burning engines.
     

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