1.1 percent improvement compared to 2013's estimations
A study issued by BP says the world's oil resources will end in 53.3 years based on the current extraction rate.
Sooner or later we will squeeze the last drop of oil Earth was blessed with but that will happen in roughly five decades from now if we were to believe a study published by BP. They estimate oil resources right now stand at 1,687.9 billion barrels which represents a 1.1 percent improvement compared to 2013's estimations.
Most of the increase in estimations comes from United States where BP says there are 44.2 billion barrels which is 26 percent more than previously believed. It's also a lot more than the 33.4 billion barrels estimated by the U.S. Energy Information Administration. The main reason of this significant oil reserve hike has to do with the ability to use horizontal drilling technology in Bakken, Eagle Ford and Permian Basin.
In reality, chances are the world's oil resources won't end in 53.3 years as there's probably still a lot of shale oil experts haven't discovered yet. Hopefully by the time oil wells will run dry, the world will have a viable alternative, not just for cars but for many other industries which currently rely on this type of nonrenewable fuel.
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