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Gotta Get That Oil …




The world has approximately 1.7 trillion barrels of oil reserves “proved” or “discovered” as of the end of 2013, enough to satisfy global demand for the next 53 years, if current levels of extraction continue.

That’s a 1.1 percent increase from a year ago – and a 27 increase from a decade ago, according to data released by BP.

Each year, the global energy giant releases estimated ratios of “reserves-to-production,” or R/P – which is “the length of time that those remaining reserves would last if production were to continue at the previous year’s rate.”

Of course BP cautions that “nobody knows or can know how much oil exists under the earth’s surface or how much it will be possible to produce in the future.”

In other words, “exercise.”  You may have to walk one day … although the window on oil production keeps lengthening.

Proven reserves in the United States totaled 44.2 billion barrels – a 26 percent increase from the previous report.  That figure is also well above the latest government estimate of 33.4 billion barrels (which itself was a fifteen percent increase from the government’s previous guess).

To view the BP data for yourself, click here.

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