How many years of oil do we have left?
World Oil Reserves
The world has proven reserves equivalent to 46.6 times its annual consumption levels. This means it has about 47 years of oil left (at current consumption levels and excluding unproven reserves).
So, will we ever run completely out of oil, to the point where there is none at all? In short no, it is physically and economically not possible. Crude oil will only continue to be extracted so long as it is profitable to do so.
From the Energy Information Administration FAQs: "According to the U.S. Energy Information Administration's (EIA) International Energy Outlook 2017 (IEO2017), the global supply of crude oil, other liquid hydrocarbons, and biofuels is expected to be adequate to meet the world's demand for liquid fuels through 2050.
Current days of import protection in SPR - At the end of CY 2021 (as of December 31, 2021), the SPR's crude oil inventory was 594.7 MMbbl. This is equivalent to approximately 1,206 days of supply of total U.S. petroleum net imports.
Venezuela has the largest amount of oil reserves in the world with more than 300 billion barrels in reserve. Saudi Arabia has the second-largest amount of oil reserves in the world with 297.5 billion barrels.
It is predicted that we will run out of fossil fuels in this century. Oil can last up to 50 years, natural gas up to 53 years, and coal up to 114 years. Yet, renewable energy is not popular enough, so emptying our reserves can speed up.
The reason that U.S. oil companies haven't increased production is simple: They decided to use their billions in profits to pay dividends to their CEOs and wealthy shareholders and simply haven't chosen to invest in new oil production.
Nearly 60% cited "investor pressure to maintain capital discipline" as the primary reason oil companies weren't drilling more despite skyrocketing prices, according to the Dallas Fed survey.
Oil reappears from time to time in old deposits and long ago exhausted oil wells. Oil sometimes rushes in or sometimes floods back.In the researchers' opinion, to overhaul old oil deposits is currently much more profitable and efficient than expensive geological exploration works at new locations.
No, there isn't enough recoverable crude oil in the U.S. to last over 400 years.
Does Texas have oil for 200 years?
VERIFY: There is enough oil in Texas and New Mexico to fuel the US for 200 years, but it's not easily accessible. Energy expert, Ed Hirs, says recovering oil from the Permian Basin would be expensive and would require more workers and materials.
It runs from the Western Canadian Sedimentary Basin in Alberta to refineries in Illinois and Texas, and also to oil tank farms and an oil pipeline distribution center in Cushing, Oklahoma.
- The top five sources of U.S. total petroleum (including crude oil) imports by percentage share of total petroleum imports in 2021 were:
- Canada51%
- Mexico8%
- Russia8%
- Saudi Arabia5%
- Colombia2%
So what happens when we run out? Hopefully we will have switched from finite resources like oil and natural gas to renewable, green resources like wind, solar and hydro power. Cars might run on electricity, or even water. We might rely more heavily on public transportation, like trains and buses.
| Barrels | Global Rank | |
|---|---|---|
| Oil Reserves | 80,000,000,000 | 8th in the world |
possible and undiscovered), the United States is at the top of the list with 264 billion barrels of recoverable oil reserves, followed by Russia with 256 billion, Saudi Arabia with 212 billion, Canada with 167 billion, Iran with 143 billion, and Brazil with 120 billion (Table 1).
So Why Is Losing Russia's Oil Such a Big Deal? The U.S. might be “energy independent,” but it still can't control production.
Venezuela is the leading country in terms of oil reserves, with over 304 billion barrels of oil beneath its surface. Saudi Arabia is a close second with 298 billion, and Canada is third with 170 billion barrels of oil reserves.
The main alternatives to oil and gas energy include nuclear power, solar power, ethanol, and wind power.
Sri Lanka's 21.9 million citizens currently uses an estimated 123 thousand barrels of oil daily, making it the world's 71st largest consumer. While an emergency supply has historically been maintained, crippling economic condition has seen this dwindle in recent months.
Will the world run out of water?
So it might appear that our planet may one day run out of water. Fortunately, that is not the case. Earth contains huge quantities of water in its oceans, lakes, rivers, the atmosphere, and believe it or not, in the rocks of the inner Earth.
Production of oil by U.S. energy companies is essentially flat and unlikely to increase substantially for at least another year or two. If Europe stops buying Russian oil and natural gas as some of its leaders have promised, they won't be able to replace that energy with fuels from the United States anytime soon.
The truth is that the number of rigs drilling for oil in the U.S. is steadily climbing. The year-over-year increase in the Baker Hughes North America Rig Count is now about 60%. In fact, historically it has rarely climbed at a faster pace than this.
In the months leading up to the Covid-19 pandemic, U.S. oil production hit an all-time high of just below 13 million barrels per day (BPD). As the pandemic unfolded, demand collapsed, and production followed.
With a rough estimate of 11,567,000 barrels per day, the United States is the top oil-producing country in the world, as it has been for many years.
The Kingdom of Saudi Arabia is often cited as the world's largest oil producer. The country produces 13.24% of the oil consumed in the entire world daily.
Alaska still has plenty of oil in the ground. But output has been falling due to a lack of sufficient investment to offset natural production declines. Investors have been shifting their focus to what they perceive to be more profitable alternatives, especially shale and tight-oil basins in the Lower 48.
Soon after America's first commercial oil well of 1859, a small group met in northwestern Pennsylvania and decided a 42-gallon barrel was best for transporting their oil. When filled with oil instead of fish or other commodities, a 42-gallon “tierce” weighed 300 pounds.
Oil and gas wells can range in depth from a few hundred feet to more than 20,000 feet. In some parts of the world, wells go as deep as 30,000 feet, Zdarko says. Ranging from 1,000 to 2,500 feet deep, Aera's San Joaquin Valley wells are considered shallow.
World population has grown faster than oil production. Because of this, oil production per capita peaked in 1979 (preceded by a plateau during the period of 1973–1979).
How much oil does the U.S. have untapped?
Buried under U.S. soil lies an estimated 38.2 billion barrels worth of proven oil reserves that are still untapped, according to the U.S. Energy Information Administration.
Oil Reserves in Saudi Arabia
This means that, without Net Exports, there would be about 221 years of oil left (at current consumption levels and excluding unproven reserves).
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Petroleum imports from Russia to the United States from 2000 to 2021 (in 1,000 barrels per day)
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HOUSTON (Reuters) - The largest oil field in the United States holds as much as 49 years worth of oil at current production rates, according to data from a report released on Thursday by the U.S. Geological Survey (USGS).
The United States is one of the largest crude oil producers
U.S. oil refineries obtain crude oil produced in the United States and in other countries. Different types of companies supply crude oil to the world market.
Less than two years before the project was finally pulled, the Keystone tar sands pipeline was temporarily shut down after a spill in North Dakota of reportedly more than 378,000 gallons in late October 2019.
What is Keystone XL? A planned 1,179-mile (1,897km) pipeline running from the oil sands of Alberta, Canada, to Steele City, Nebraska, where it would join an existing pipe. It could carry 830,000 barrels of oil each day.
No matter how you look at it, Keystone XL would be bad for wildlife, especially endangered species. Many imperiled species live along the proposed pipeline's path and in areas where tar-sands oil is produced. If the pipeline were built, it would decimate habitat these species rely on.
Changes in consumer patterns and the emergence of new technology driven by increases in the price of oil will prevent the oil supply from ever physically running out.
What happens if we run out of oil?
In the United States, life would be difficult without oil, as the country is dependent on it for driving, some medications, and many products. Electrical plants rely on gas-powered vehicles for supplying materials, so electricity could be severely limited as well.
Sri Lanka's 21.9 million citizens currently uses an estimated 123 thousand barrels of oil daily, making it the world's 71st largest consumer. While an emergency supply has historically been maintained, crippling economic condition has seen this dwindle in recent months.
World population has grown faster than oil production. Because of this, oil production per capita peaked in 1979 (preceded by a plateau during the period of 1973–1979).
The main alternatives to oil and gas energy include nuclear power, solar power, ethanol, and wind power.
The world has proven reserves equivalent to 52.3 times its annual consumption. This means it has about 52 years of gas left (at current consumption levels and excluding unproven reserves).
A new discovery could let scientists artificially create crude oil in under an hour, accelerating a natural process that normally takes at least a few million years to complete.
| Crude oil billion barrels | Total natural gas trillion cubic feet | |
|---|---|---|
| U.S. proved reserves as of December 31, 2019 | 44.2 | 495.4 |
| Extensions and discoveries | 3 | 39.8 |
| Net revisions | -8.8 | -98.2 |
| Net adjustments, sales, acquisitions | 1.2 | 73.4 |
Electric vehicles are powered by a battery and an EV engine with an electric motor. There are no pistons, valves, or other moving parts that require lubrication, and therefore, EVs don't use the traditional engine oil that would help maintain those parts.
Since global oil consumption really took off around 1950, total world oil consumption is estimated at almost 1.5 trillion barrels (in 2018). The estimated reserves are about the same - 1.5 trillion barrels of oil.
Most of the world's largest oilfields are located in the Middle East, but there are also supergiant (>10 billion bbls) oilfields in Brazil, Mexico, Venezuela, Kazakhstan, and Russia.
How long will Saudi Arabia oil last?
Oil Reserves in Saudi Arabia
Saudi Arabia has proven reserves equivalent to 221.2 times its annual consumption. This means that, without Net Exports, there would be about 221 years of oil left (at current consumption levels and excluding unproven reserves).
| Rank | Importer | 2020-1 |
|---|---|---|
| 1. | China | +30% |
| 2. | United States | +69.1% |
| 3. | India | +64.8% |
| 4. | South Korea | +50.7% |
Peak oil does not mean that no more oil exists, but that we're at the point where global production can no longer be maintained or increased. Production will no longer be able to meet growing demand as it has been able to do in the past.
Then consider just how close to peak oil we already are. Every forecaster has a different estimate for this number, but the median of 12 who see a future date is for a maximum level of about 103.2 million barrels of liquid fuels a day — something most see occurring some time between the mid-2020s and the mid-2030s.
US crude oil production initially peaked in 1970 at 9.64 million barrels (1,533,000 m3) per day. 2018 production was 10.99 million barrels (1,747,000 m3) per day of crude oil (not including natural gas liquids).