BP estimates that there is enough oil left in the world to keep motorists supplied for another 53.3 years.
Alarming as that might sound, it’s actually a 1.1 percent increase over the oil giant’s estimate a year ago, rising to a remaining 1.69 trillion barrels. The U.S. alone has 44.2 barrels according to BP’s estimates, which is a 26 percent increase compared to last year.
Even that estimate is likely to be lower than the actual amount remaining. Large shale deposits made available through horizontal drilling have the potential to increase the world’s reserves beyond the estimates from BP. For example, a shale deposit in the Permian Basin in Texas is estimated to have roughly 75 billion barrels worth of recoverable oil and gas in its shale deposit.
[Source: USA Today]