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How long before the world runs out of oil?

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2012-08-01 17:57:00
2012-08-01 17:57:00

The U.S Energy Information Administration states there are about 1.3 trillion barrels of oil left in the world right now.

According to OPEC, over the next 21 years, the world will average about 36 billion barrels of oil each year.

Thus, barring any new major oil discoveries, the world's oil supply will be effectively gone in 36 years.

A:BP's Statistical Review of World Energy, appears to show that the world still has enough "proven" reserves to provide 40 years of consumption at current rates.

Nobody really knows because the amount of oil reserves fluctuates with the price. As the price of oil goes up, it becomes affordable to extract the more difficult to obtain oil. Advances in technology also increase our ability to extract hard-to-reach oil. Thus, our reserves continually fluctuate.

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