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A Bit Geek

Thursday, 07 July 2016 09:21

How Much Oil is Really Left in the World Featured

Written by  The Super Geek
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Remember that Oil Crisis we've been told about our whole lives? 

It's been a Lie, sort of!

Oil Crisis



Ever since the oil crunchin the 1970's we have been told that the world's supply of oil is in jeopardy. A slew of propaganda has lead us to believe that all of the wells would run dry and that the world would soon be without fossil fules, particularly oil and gasoline. THAT WAS 40 YEARS AGO. Flash forward to 2016 & A recent study that indicates that the US is sitting on a reserves of 264B barrels of oil, that B is for billion, 264,000,000,000.

When will we run out?

At today's current crude production rate of 9,431,000 barrels a day, that equates to roughly 28,000 days or almost 77 years. According to the current reserve and the current rate of production, that puts us somewhere in the year 2092

There are several variables to that date, because that only contemplate the US production and reserve.

What about the rest of the world?

Well, in addition to that 264B barrels of oil, Russia reportedly has another 256B barrels and Saudi Arabia, another 212B, those 3 countries alone comprise 732B barrels, when you factor in the other world reserves, the total global oil reserve sits somewhere around 1,324T barrerls, 1,324,000,000,000. Considering that the global oil production sits at about 77,000,000 barrels a day, that gives us approximately 17,194 days or 47 years, or until 2063. 

What about hybrid and electric cars?

Sure, that's a great question. With the advent of car makers like Toyota with their hybrid Prius and Tesla's purely electric cars, you would think that the current reserves would last longer, however, that has not been the case. Over the last 10 years, as the world population grows, and developing countries like China and India, the daily production has increased pretty steadily since 2003 from 67M barrels a day, to 2015's current rate of over 78M, or an average of almost 1M extra barrels a day. To add insult to injury, many electrical producing facilities still use fossil fuels to generate electricity. Although most oil is uesd for transportation or home heating purposes, there are still other natural resources at stake. The US alone still gets it's electricity from 33% coal, 33% natural gas, and 1% from petrol. 

What does this all mean?

Based on the current increase in production estimates & current reserves, realistically, we have enough black gold to last us until somewhere around 2060, or 44 years. This means that without discoveries of new deposits, without the increase in the use of alternative energy sources like solar, hydro, wind and wave dynos it stands to reason that the grand children of the current generations will not be driving gasoline cars, and those that do may be paying north of $20 a gallon to keep their classics on the road.

What can we do?

Hybrids and electric cars are a start. However, clearly the implementation of wind, wave and solar powered electricity may aid the delay of the inevitable. Because home & industrial heating systems are a huge destination of oil, direct solar heating systems could be a game changer. Perhaps one day the, once thought of as inefficent, electric heating systems of today will be replaces with hybrid solar electricity & solar heated water may give rise to heating independence from outside power grids.

What are your thoughts?

Chime in with where you think this world's energy solutions may come from?

Last modified on Thursday, 07 July 2016 09:58
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