The Sudden Death of Peak Oil – 4.5 Trillion Barrels of Oil Left
Technology is not just expanding our daily oil production; it also continues to increase the amount of oil and liquid fuels we can count on for the future.
In 1981, the U.S. Geological Survey estimated that remaining global recoverable crude and condensate resources were 1 trillion barrels; today, the IEA estimates that it is 4.5 trillion barrels – enough to meet global oil demand beyond the 21st century. By 2040, the amount of resources yet to be produced will still be far higher than total production prior to 2040, even with a 20 percent rise in global oil demand.
Oil reserves according to the IEA and US Geological Survey: 4.5 trillion barrel of recoverable oil left, that would be 27 times the largest oil field in history, Ghawar.
[oilprice.com] – Exxon’s Shocking Supply And Demand Predictions
[reason.com] – U.S. Oil Reserves Bigger Than Saudi Arabia’s
Note that the IEA doesn’t state at what price levels these 4.5 trillion barrel can be recovered. Regardless, there is enough oil left to set up a renewable energy base. The challenge is not to find new oil, the challenge is not to use it.