That may be true, but we are finding (able to unlock) new stores faster than we are consuming it. Thus, worldwide proven oil reserve volume continues to increase, despite consumption. And has been doing so, continuously, since subterranean oil was discovered in PA.
“hat may be true, but we are finding (able to unlock) new stores faster than we are consuming it. Thus, worldwide proven oil reserve volume continues to increase, despite consumption. And has been doing so, continuously, since subterranean oil was discovered in PA. “
I agree.
When I graduated in Petroleum Engineering in 1973, I was told why be a Petroleum Engineer as the world will be out of oil in 10 years and I will be out of a job.
Since then, the world has out-produced the amount of reserves estimated at that time, and now has the largest proved reserve ever.
And that is proved reserves. There are a multiple of reserves that are not considered proved existent.
The shale plays are not that big. The Eagle Ford will be mostly drilled up in five years. Bakken,maybe ten years. The Permian will be around for longer.