Photo: edited by autoevolution
As bad as it sounds, these are actually good news, because BP’s last year estimate was 1.1 percent lower. The petroleum company now raised its reserve estimate to 1,687.9 billion barrels of oil, said to be enough for 53.3 years.
The increase mostly comes from the United States, with its oil reserves now being estimated at 44.2 billion barrels, representing a 26 percent increase from the previous study.
This happened because of new shale reserves have been unlocked, thanks to new horizontal drilling technology that enables to exploit reservoirs where vertical access is difficult or not possible. The Bakken, Eagle Ford and Permian Basin are just some of the new reservoirs that can now be drilled.
More such reservoirs will be unlocked in the future and let’s not forget we have oil under the oceans’ floor waiting for better mining techniques to be extracted properly. These 53 years suddenly don’t seem that scary now, isn’t it?
However, if we want to stop being scared of oil ceasing to exist, we definitely have to convert our vehicles to use biofuels and other unconventionally fuels as soon as possible.
Yeah, the automakers are currently working hard to achieve tiny fuel consumptions, but regarding how fast the population grows now and the fact that each person will be able to afford a high mpg car makes this oil saving pointless.
The imminent result will be the same if you sell a V8 gas guzzler or split it in many 0.9-liter three-cylinders and sell them at a lower price.
This happened because of new shale reserves have been unlocked, thanks to new horizontal drilling technology that enables to exploit reservoirs where vertical access is difficult or not possible. The Bakken, Eagle Ford and Permian Basin are just some of the new reservoirs that can now be drilled.
More such reservoirs will be unlocked in the future and let’s not forget we have oil under the oceans’ floor waiting for better mining techniques to be extracted properly. These 53 years suddenly don’t seem that scary now, isn’t it?
However, if we want to stop being scared of oil ceasing to exist, we definitely have to convert our vehicles to use biofuels and other unconventionally fuels as soon as possible.
Yeah, the automakers are currently working hard to achieve tiny fuel consumptions, but regarding how fast the population grows now and the fact that each person will be able to afford a high mpg car makes this oil saving pointless.
The imminent result will be the same if you sell a V8 gas guzzler or split it in many 0.9-liter three-cylinders and sell them at a lower price.
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