Posted on 06/28/2014 9:20:33 PM PDT by Citizen Zed
BP (ticker BP ) has provided an intriguing update to its global oil reserves estimate in the company's latest yearly review of energy statistics. BP raised its reserve estimate by 1.1% to 1,687.9 billion barrels, which is enough oil to last the world 53.3 years at the current production rates. However, there's likely a lot more oil left in the tank beyond what BP sees today.
A good portion of the growth in global oil reserves in BP's report comes from the United States. According to BP, the U.S. has 44.2 billion barrels of oil reserves, which is 26% higher than it previously thought. It's also quite a bit more optimistic than the U.S. Energy Information Administration, which recently increased its estimate to 33.4 billion barrels of reserves, or 15% more than previously thought.
(Excerpt) Read more at fool.com ...
BP should have been kicked out of the US years ago.
Cheap bastards costs lives by going cheap.
Well I must admit I am on the payroll.
Can't these fearmongers think of anything original.
The earth has been producing oil for billions of years. We've only been using it for about 150 or so.
I fart in your general direction, BP. Now go away or I shall taunt you a second time.
There was just not enough, even in my small 6 year old mind to account for ALL of the oil.
As it turns out, my 6 year old mind could just not grasp how much oil there actually is on the earth.
And my 47 year old mind KNOWS there is way more than 50 years worth.
Hell, my teachers told me we'd be out of oil by 1980.
So how come there's plenty of oil 34 years later?
No one takes the concept of “peak oil” seriously anymore, and some people are butthurt over it.
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