Citing from the CIA World Factbook, the world oil reserves in 2005 weighed in at approximately 1,349,417,153,000 barrels. The 2009 estimates published by the Oil & Gas Journal were around 1,342,247,000,000 barrels.
Natural Gas reserves from the CIA Factbook in 2005 were 135,119,592,390,000 cubic feet. The statistic from the 2009 Oil & Gas Journal publication was 6,254.364 cubic feet.
This is a very difficult question to answer, since most reports on oil supply come from the least trustable sources. However, according to a report from the United States Geological Society in 2000, there were an estimated 3 trillion barrels of oil and 15.4 quadrillion cubic feet of natural gas (which is equal to about 2.5 trillion barrels of oil). These numbers are based on geological surveying and probabilistic estimates of remaining undiscovered reserves. Given that the world consumes about 300 billion barrels per year, that would last us about nine years with oil, and another nine on natural gas.
I’m sorry, that should say 30 billion barrels per year, and 90 years, for both oil and natural gas.
I don’t know about natural gas, but oil is a tough call, specifically because there’s been a lot of suspicion that some countries, particularly OPEC companies, have exaggerated their reserves to raise company stocks. Petroleum geologist CJ Campbell wrote in his 1998 Scientific America article The End of Cheap Oil that during the late 80s, OPEC companies claimed that their reserves increased between 42% and 197% but they showed no evidence of new reserves. The numbers increased, but no one was really sure how nor able to verify the data provided by the countries. There’s also a big difference between how much oil is left in the world and how much we can efficiently access. The oil that is left is harder to get to than the oil we’ve already pumped and requires more energy for extraction. It gets to the point where it’s not worth extracting anymore because more oil is used in the extraction than the amount of oil extracted.
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