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    World’s Oil Supply Will Dry Up In 53 Years

    Geo Beats

    by Geo Beats

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    BP recently estimated that the quantity of oil in the world’s reserves amounts to about 53 years of use.

    BP recently estimated that the quantity of oil in the world’s reserves amounts to about 53 years of use.

    Their figure is based on the current rate of production and shows a 1% increase over that of the previous year.

    The bump reflects the inclusion of American contributions, which are much higher than once believed.

    New vertical drilling technologies have increased the rate of shale oil recovery in recent years, and account for much of the 26 percent upturn in the country’s longer-term outlook.

    The success of the new method also opens up the possibility that new shale oil deposit discoveries can be utilized, such as those in the Rocky Mountains and along the Gulf Coast.

    Another country with more potential output than once believed possible is Russia.

    The country plans to spend over a trillion dollars in the coming decades to expand its excavation network in Siberia.

    While available resource estimates are rising, oil use in many areas is shrinking.

    Overall, oil has declined to being the source of 33 percent of the world’s energy even though demand in many Asian countries is rising.