I thought the world was supposed to run out of oil by now?
Interesting...
Are they also factoring monetary inflation into their ‘estimates’. If so then oil per barrel when compared to early to mid twentieth century prices is fantastically low.
And the Persian Gulf oil states have yet to apply the new gas/fluid injection technology that could tremendously extend the life of many oilfields. Once the injection technology comes into use there, they could extract oil at current production rates for possibly 80 years or more.