Oil discoveries dispel "Peak Oil" as myth

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

  1. watchingfromafar
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    watchingfromafar VIP 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 !!
     

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