We Have Way More Than 53 Years’ Worth of Oil Left The Motley Fool

This forecast is predicated on the assumption that fossil fuels will constitute 59% of the total primary energy demand in 2040, even despite aggressive climate action policies. This is only the tip of the iceberg, though, because these projections don’t include technically recoverable resources that are not yet deemed economical at today’s prices. Considering all of the technically recoverable resources, we have enough oil to last us over 100 years at current production levels. Furthermore, if we also include more complicated oil reservoirs such as kerogen deposits, then we may have more than 250 years of oil supply.

World Oil Reserves

Not to mention the countless jobs directly or indirectly involved in the extraction, treatment, and transportation of the black stuff. If from all the oil that ever existed we are suddenly left with only 1 single bucket of the stuff, what would it cost to use it? So long as it is still valued as a thing, and considering the fact it is now incredibly rare, it would probably be exorbitantly expensive to buy. All good suggestions, and things that carry a relatively high price tag due to their rarity (though silver is often arguably heavily underpriced). These metals are also valued as “stores of value” in and of themselves of course and have been so for a very long time.

These same plant-based chemicals could also be used in other areas where petrochemicals are currently vital, like making plastics, etc. According to Forbes, several companies are already working on plant-based alternatives as feedstock for more traditional petrochemicals. Let’s look at the current development of oil substitutes in various industries. The stable, relatively peaceful times we have lived through since the end of WW2 could be broken forever, and life, as we have grown accustomed to it, would change beyond all recognition.

History of World’s Proven Oil Reserves

If we use some of the figures above for the most valuable substances on the planet, it would probably be in the order of millions to billions for such a small amount. All very interesting, but what does this have to do with the “price of fish“, or rather oil? Antimatter takes vast amounts of energy to create, and can only be made synthetically at present. The production also requires some very specialized equipment that can only produce around 10 billionths of a gram per year.

Then, we develop new technologies that increase our ability to find new deposits. Globally, around 1.6 trillion barrels of recoverable oil how much oil is left in the world remain, according to a 2023 survey by Rystad Energy. There’s also recoverable oil we haven’t yet discovered; that’s a hazier number, although in 2012, the U.S. We may never run out of oil, though known reserves are expected to last for about 50 years, current estimates suggest. Founded in 1993, The Motley Fool is a financial services company dedicated to making the world smarter, happier, and richer.

Some feel that Central command and control of such a transition would be catastrophic for us all. Others argue this could lead to a disastrous free-for-all in which only the strong (or the best-armed) survive. Because there would be a marked reduction in supply, prices for the affected commodity would go through the roof, and only the wealthiest countries could afford to buy them.

Other statistics on the topicOil industry worldwide

Subduction and rifting can produce the basins in which the oil can accumulate. As a result, oil fields are more likely to be found in some regions than in others. “Broadly speaking, we know where most of the world’s oil is,” David MacDonald, professor emeritus of petroleum geology at the University of Aberdeen in the U.K., told Live Science. Its latest report finds companies risk wasting more than a trillion dollars on projects incompatible with a low-carbon world, with ConocoPhillips, ExxonMobil, Chevron and Shell most exposed.

1. Producers like the CAPP have greatly improved their technological capacity over the past few decades which, by extension, has necessarily increased Canada’s proven reserves as a consequence.
2. There are 1.65 trillion barrels of proven oil reserves in the world as of 2016.The world has proven reserves equivalent to 46.6 times its annual consumption levels.
3. According to some estimates, there are “trillions” of barrels of shale oil in the U.S. alone.
4. Globally, around 1.6 trillion barrels of recoverable oil remain, according to a 2023 survey by Rystad Energy.
5. The reasons for this vary but are primarily dictated by our technological ability to exploit oil reserves in the first place and also the difficulty of estimating future demand.

Before this she was science editor at International Business Times U.K. Hannah holds a master’s in journalism from Goldsmith’s, University of London. The College of Earth and Mineral Sciences is committed to making its websites accessible to all users, and welcomes comments or suggestions on access improvements. Please send comments or suggestions on accessibility to the site editor. The site editor may also be contacted with questions or comments about this Open Educational Resource.

1. Don’t fret though, it will take many trillions of years for Earth to completely “evaporate” at this rate.
2. More interestingly though, humans have even found ways to create artificial versions, or alternatives, of “living” natural resources.
3. “The oil industry isn’t going to collapse because we run out of oil, there’s plenty of oil left,” MacDonald said.
4. Some of this includes medicines like antihistamines, antiseptics, and other essential products like insecticides and fertilizers for farming.
5. In order to project how much time we have left before the world runs out of oil, gas, and coal, one method is measuring the R/P ratios — that is the ratio of reserves to current rates of production.
6. On the subject of chucking stuff into space, some new innovations, like kinetic launchers, are currently being developed.

“The analysis implies that many operational and planned fossil fuel projects are unviable,” the scientists said, meaning trillions of dollars of fossil fuel assets could become worthless. New fossil fuel projects made sense only if their backers did not believe the world would act to tackle the climate emergency, the researchers said. Comprehensive data summaries, comparisons, analysis, and projections integrated across all energy sources. Despite having used only a small fraction of fossil fuels, the planet’s atmosphere is already around one degree Celsius warmer on average than it was prior to the Industrial Revolution.

List of countries by proven oil reserves

Often termed “heavy” or “sour” oil, this stuff is pretty poor quality. It is also not always in a liquid form and can contain large amounts of contaminants like sulfur. Estimating the remaining oil reserves of the planet is notoriously difficult, and frankly, subject to constant change. The reasons for this vary but are primarily dictated by our technological ability to exploit oil reserves in the first place and also the difficulty of estimating future demand.