How long can the World Oil Reserves last? (show calculations for it)?

How long can the World Oil Reserves last?


Recently there is an escalation of the world oil price due to many contributing factors; one of which is the concern of the shortage of oil reserves.


The known world crude oil reserves in 1976 were estimated to be75, 000 million metric tons. The amount of oil consumed worldwide in 1976 was 2,800,000 thousand metric tons. Estimate the year the world oil supply will be depletedHow long can the World Oil Reserves last? (show calculations for it)?
visit www.wikipedia.org/wiki/Oil_reserves





This year, global demand for oil — currently at more than 80 million barrels per day and climbing — has come closer than ever to exceeding the world’s known production capacity.





no one can really estiamte how much oil is left because more are foundHow long can the World Oil Reserves last? (show calculations for it)?
nobody knows and if they did they wont tell you me or anyone. its a secret.
As long as its after I'm dead I don't give a sh!t,,,,
If anyone could answer that question, they wouldn't answer it here. The answer would make them very, very rich.





What we do know is that the increase in new oil found every year is less than the increase in new demand for oil. Oil won't ever run out, but it will get more expensive until other alternatives look better.





Cost and global warming are both factors in that.
Actually the shortage of oil reserves is not a contributing factor to the high oil price, its the output of oil per day which has more influence. For instance, Iraq has the 5th largest output of oil but since Bush invaded oil output has drastically reduced in the country. Oil prices are more in tune with political climates than its avalibility in the natural state.


When 9/11 happened the oil price went up, when Bush invaded Iraq the oil price went up, when Isreal attacked Lebannon the oil price when up, when the US decided that it was going to build a anti missile unit in Poland, the oil price went up. America is an importer of oil; in other words it relies heavily on other countries to supply it with the oil it needs, the UK is both importer and exporter but Russia, Middle East and all those countries that America have 'issues' with are all exporters.


New reserves of oil are being found on a daily basis, some with life expectancies of 10years, some with more, some with less. The increase in technological advances have allowed us to increase production of oil but the ability to drill for it in the first place is governed by world politics.


The amount that is left, who knows, many areas of the planet have yet to be discovered and explored so your guess is as good as mine in this instance.