How much Oil is left in the World?
It's he resource that's as rich in demand as it is in controversy. "Black gold" bleeds into almost every major topic of interest, from politics and foreign relations to the environment and economy. Considering the large role plays in our day-to-day lives, we're forced to beg the question: " How long will it be there?
Oil Reserve: The amount of oil that can be recovered economically with existing technology
Oil Resource: The total amount of oil in place
Oil Consumption in the United States:
Oil Reserve Levels Over 31 Years:
36.5 billion barrels 30.9 billion barrels
Total Decline: 5.6 billion barrels
Total Amount of Oil Harvested Over the same Period:
103 billion barrels
So, how did our overall reserves fall by only 15% when it seemingly should have fallen by over 280%
Improvements in oil extraction technology have allowed us to convert more oil resources into oil reserves.
Case Study: The Bakken Oil Field
Rock fracturing technology developed in 2008 opened up an estimated 18 billion barrels of oil that previously could not be extracted from the North Dakota Oil Field.
So, how much oil do we have left?
Global supply estimates change as more oil is discovered and newer technology allows us to access previously unretrievable oil.
The US Energy Information Administration:
"The global supply of crude oil is expected to be adequate to meet the world's demand for liquid fuel for at least the next 25 years"