The US alone uses 20 million barrels a day, out of a total of 85 million barrels consumed globally every day. With the Canadian 173 billion barrels we get 5 years extra – with the current consumption.
The total estimated economically recoverable proven oil reserve (including the recoverable part of the Canadian Athabasca Tar Sands) is 1357 billion barrels globally, or about 43 years with the current consumption (although we are currently not recovering the oil at that speed). They will not find double that number from new fields, but maybe another 20 years worth of hard to get and very expensive oil. Once we get beyond that, recovering the oil becomes prohibitively expensive.
Well in advance of that 43 year date, we will find our private oil consumption severely limited, as nations withhold their reserves for essential industry use. This will unfortunately make gas guzzling warbirds a true thing of the past – if emission legislation has not killed them before.
We are running on Bingo fuel, there are no two ways about it and the oil will run out. We will be the last generation with affordable oil and within a few generations, there will be no oil at all – Siltz, None, Nada, Nil, Zip, Zero!
There are strong arguments that shale oil reserves will be recoverable within 20 years. They would add about 130 years at current usages.
Sign In
