BP Estimates World Oil Reserves Will Last Another 53.3 Years

We have been told for years that the world is about to reach peak oil and that it will all go downhill from there on, and yet, the overwhelming majority of cars sold around the world (the exceptions are insignificant) are powered by oil-derived fuels.

However, it appears that the world should put more efforts into reducing oil dependency, as energy giant BP estimates that global oil reserves will last 53.3 years at the current production rates. BP raised its reserve estimate by 1.1 percent to 1,687.9 billion barrels. Still, there’s likely a lot more oil left beneath the earth’s surface.

A sizeable amount of the growth in global oil reserves in BP’s report comes from the United States, which has 44.2 billion barrels of oil reserves, 26 percent higher than previously thought. The estimate is also more optimistic that the U.S. Energy Information Administration, which recently increased its evaluation to 33.4 billion barrels of reserves (15 percent more than previously thought).

The growth is due to America’s shale oil boom, with the controversial horizontal drilling technology unlocking vast reserves in the Bakken, Eagle Ford and Permian Basin. Furthermore, new shale plays continue to be discovered in the U.S., which means oil reserves may grow significantly in the coming years.

Whether the production benefits of horizontal drilling are worth damaging the environment and the quality of life is another discussion.

By Dan Mihalascu

Story References: USA Today

PHOTO GALLERY

Ay Caramba! One-Off Turquoise Koenigsegg CCXR Crashes In Mexico

The CCXR seems to have hit a concrete poll first and then slammed into a curb.

See The New 2020 Toyota Supra In All Eight Color Options

The standard 2020 Toyota GR Supra will arrive in U.S. dealers in fall this year.

New Chevrolet Onix Is Yet Another Compact Sedan For China

The new Chevrolet Onix will be offered with 1.0-liter and 1.3-liter engines.

China’s 2020 Buick Encore II To Sit Alongside New Chevrolet Tracker

First photos of China’s new 2020 Buick Encore II have surfaced ahead of its debut later this year.

Tesla Gives Model 3 A 5% Power Increase Via Software Update

Even the base, $35k Model 3 can do the 0-60 mph in just 5.6 seconds, but now it’s even faster.

Cargo Ship Carrying New 911 GT2 RS’ Sinks, Porsche To Resume Production Of Model

The cargo ship was carrying several new Porsche and Audi models, including four 911 GT2 RSs.

Brand New 2008 Dodge Challenger SRT8 Was Kept In Trailer For 11 Years

You can get this Challenger for $37k – or a 2019 R/T one and save $2,5k for fuel or whatever.

Here’s Our First Look At Top Gear Without Matt LeBlanc And Rory Reid

The two well known Top Gear hosts are being replaced by Freddie Flintoff and Paddy McGuinness.

New 2020 Corvette C8 Renderings Might Be Onto Something

The CGIs are modeled after the most recent sighting of 2020 Corvette testers.

Bugatti Could Be Working On An All-New Royale

Rumored to launch in 2023, the Bugatti Royale is said to be an electric vehicle which could have around 870 hp.