The world has 53.3 years of oil left

Discussion in 'General Chat' started by V8stangman, Jul 3, 2014.

  1. #1 V8stangman, Jul 3, 2014
    Last edited by a moderator: Apr 25, 2016
  2. As long as there's enough to see me to retirement, I'll be happy.
     
  3. Tesla is the key. Anyway with the emergence of China, we aren't going to be using the same amount of oil, we are going to be using a lot more.
     
  4. Also AMG, thank you for proving again what a selfish arsehole you really are.
     
  5. this is a hilarious publicity stunt.
     
  6. So you think their aim is for people to go out an panic buy petrol because they are running out in 53.3 years. OK.

    I think its more like managing expectations.
     
  7. they're stating that they have 53.3 years of oil left. not including any other company on the planet. its a publicity stunt to probably get people to invest in their sciences for replacements of oil.
     
  8. Its not a bad thing. I think people need a reminder every once in a while that we WILL RUN OUT. Even if its in 200 years, we need to find other ways to do things before its too late.
     
  9. Yeah, but at the cost of tarnishing the truth? Besides, you can tell people they'll die (since we all will) and it changes nothing.
     
  10. #10 nappyjb37, Jul 4, 2014
    Last edited by a moderator: Apr 25, 2016
    BP doesn't have anything like 1.7 trillion barrels of oil. Canada has the third largest reserves of any country, and we have about a tenth of that in sum. 1.7 trillion the total for the planet. The vast majority of that is held by state-owned enterprises (Saudi Aramco being the largest with about 300 billion barrels in holding). The largest private oil company by reserves is ExxonMobil, which holds about 13 billion barrels, or 0.7% of the oil in the world.

    You have to remember that these are profit-maximizing enterprises. Holding 1.7 trillion barrels of oil, while only producing about a billion barrels a year, would be like if Ford stockpiled enough steel to last it the next 1500 years. Its an inefficient use of human resources to manage so much assets beyond what you are actively utilizing, as opposed to buying more resources as you develop them.

    The report referenced can be found here:
    www.bp.com/content/dam/bp/excel/Energy-Economics/statistical_review_of_world_energy_2013_workbook.xlsx

    Meanwhile, the largest oil and gas companies (measured by reserves) can be found here:
    http://www.petrostrategies.org/Links/Worlds_Largest_Oil_and_Gas_Companies_Sites.htm
     
  11. Because it's in an oil companies best interests to get people to invest in sciences that will replace oil?
     
  12. I remember when I was in like 3rd grade they told us there was only about 35 years left of oil

    Now, 17 years later we have 53 years left. That's not bad
     
  13. can you imagine the cost as we get near the end ...
     
  14. Taxis in Dubai will be McLaren P1s
     
  15. Is there anyone on Earth other than Burner who gives a shit what Burner thinks?
     
  16. as long as the western union money transfer codes are being sms'd, I can pretend I do
     
  17. I also remember being told about 20 years ago I should have been wearing radiation suits 4 years ago.
     
  18. #18 TrueSportsCarMechanic, Jul 4, 2014
    Last edited by a moderator: Apr 25, 2016
    ah I stand corrected.
     
  19. Sciences that are spearheaded by them, procedures to be patented by them...

    Business has to evolve when dealing with a finite resource.
     
  20. It's also called diversifying. Why profit off of just the gas lovers when you can profit off of the tree huggers too? It's the smart business thing to do.
     
  21. It's also called diversifying. Why profit off of just the gas lovers when you can profit off of the tree huggers too? It's the smart business thing to do.
     
  22. Americans shouldn't worry. There are a lot of areas in Texas that have oil but no digging yet. The government is more keen on working towards bio fuel than anything else right now.
     
  23. Was there a global nuclear exchange that somehow went unnoticed?
     
  24. Of course. We're going to use your oil first. Why do you think we keep using Arab oil? Let them run out first.
     
  25. Except that is not what the oil companies are doing on any workable scale.
     

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