When BP announced that there was an estimated “53.3-years of oil left”; blogs, news reports, and more were setting us into a panic when it was first announced and horrendous “clickbait” was created for Facebook.

The Greens were yelling the end was near and started to set trucks on fire. Ok, not really, but you know they wanted to. However, it really doesn't mean we’ll be out of oil in that short amount of time. Let’s take a look at what it really means and what’s the real news of this announcement.

First, the estimate is actually a bit of good news. The estimate of 1.69-trillion barrels of oil is a 1.1-percent improvement over 2013. BP also announced that the US has 44.2-billion barrels of crude oil in reserve and that was also a 26-percent increase over last year’s estimates.

So, no, we don’t have 53.3-years of oil left and it’s increasing thanks to new technology in oil drilling and fracking.

Read the full story here:

https://www.f150online.com/articles/...l-left-really/


What do you think about fracking? Should we frack or go frack ourselves?

 

We have more oil than we'll ever need for at least a few generations yet -- the only factor will be the cost of extracting it from ever-more-challenging environments. As technology advances, so will our ability to extract the resource from previously economically unfeasible formations -- the only limitation will be when the cost of extraction exceeds the cost of other alternative fuels.

We have only scratched the surface of oil exploration in many ways - for the first 125 years of using the product we have merely been grabbing the low-hanging fruit. Why do you think the "greenies" pitch a fit whenever it is proposed that new areas of the world be opened for exploration? The last thing they want is for people to realize that we are nowhere close to running out of natural gas or crude oil.....

 

It may take BP 53 yrs to clean up their mess in the Gulf of Mexico...we still have oil on some of the beaches.

 

We will never run out of oil. The market will make sure of that. When extraction and refining make the end product too expensive, then an alternative fuel will take gasoline's place. We keep finding more oil, but it gets harder and harder to dig up. Soon, China and India will match our thirst for energy, and that is when things will get expensive... like, European expensive.

Oh, and fracking is great, but the process needs tighter regulation. There seems to be a lack of long term planning and geological surveying. Cheap energy is good, however I would prefer uncontaminated groundwater and fire NOT shooting out of the faucet.

 

There is a deposit of sweet crude oil that is bigger than Texas and the actual size is not totally known yet. What we know that is there is about a 3000 year supply providing no genesis takes place. The good news, it's just offshore of the Gulf States region. This is the same deposit that the BP well was on. BP was attempting to find the northern boundary of the deposit. It goes all the way to Venezuela and Brazil but not quite to Mexico. Better said, it's bigger than the Gulf of Mexico. So why aren't we drilling on it? Ask the dimwit taking up space in the white house. China is putting wells on it daily as they are drilling in Texas. Guess who they are selling it to? Yep, yer elected moron is selling you out to the Chinese. Hope you like that change.

My sister dated the guy that was on the team that invented fracking. I'm assuming he's still alive. He holds numerous patents on the machinery that does it. He's quite old but sharp as a tack. He'll tell you if done right there is nothing to fear from it. The issue is the Chinese that don't care if you have decent water to drink or not. They don't really care if you live or not. Just having to deal with these arrogant POS is enough to sour yer stomach for decades. It's all about the money to them and screw you. So expecting the chinese to do it right is a stretch. There is nobody watching what they do and they have already screwed up several shallow water deposits in South Texas. More are sure to come unless somebody in DC grows a pair and puts an end to the circus. The key though is having it done right.

 

Fracking is here to stay. The question now is flaring. North Dakota is starting to put restrictions on how much natural gas can be flared.

The first giant oil field (greater than 100 million barrels of oil) in America was between Indianapolis, IN and Toledo, OH. Due to inefficient extraction and handling methods of the natural gas in the system ~1900, the system was depressurized. The oil is still there however, it cannot be extracted.

FYI - Many of the faucets that you see "flaming" had natural gas coming out of them before, just no one had tried lighting them before. As for the groundwater, the oil being extracted is MUCH deeper than the GW aquifers that we get drinking water from.

 

There is absolutely No shortage of oil on this planet! When we are all toes up & six feet under the world will still be running on oil. That's a Fact!

 

This. The mountains that take up the vast majority of the remote regions of Russia are practically made entirely of coal, and under them are giant oil pockets. But they're in the middle of nowhere, where no one lives, with no access roads, etc. So removal is costly and not going to happen any time soon.

Labnerd, any links on that oil deposit I can read up on?