Oil Reserves Will be Depleted in 53.3 Years
According to a study issued by BP (British Petroleum), the oil reserves will be depleted in 53.3 years based on the current extraction rate. Of course, discovering of new big oil fields is not in plans. Still, we expect dropping of the extraction rate, which will add a few more years, but sooner or later the oil will vanish.
The study says that the current oil resources stand at 1,687.9 billion barrels, which is a 1.1 % improvement compared to 2013's estimations. Most of the increase in estimations comes from the US, where are found additional 44.2 billion barrels. This is a lot more than the 33.4 billion barrels estimated by the U.S. Energy Information Administration.
The main reason for the miscalculation has to do with the ability to use horizontal drilling technology in Bakken, Eagle Ford and Permian Basin.
Normal users can only hope by the time oil ends, the world will have a good alternative, because not only the vehicles rely on the nonrenewable fuel, but a lot of other industries as well. The hybrid and electric vehicles are just a small step in this big journey that will change the world and the life drastically.
Source: BP via USAToday