- Jul 3, 2014
BP says we have 53.3 years of oil left
According to BP, the United States has 44.2 billion barrels in reserve, which is itself a 26-percent increase over previous estimates. As the years go on, though, that figure is still likely to increase, thanks to technologies like horizontal drilling that could unlock an additional 75 billion barrels of oil and natural gas from shale formations in the Permian Basin of west Texas, according USA Today, which cited estimates by Pioneer Natural Resources. The Permian Basin is the largest of three major shale oil operations, along with Bakken and Eagle Ford.
What's interesting, though, is that there's still a lot of shale oil we don't know about. Another resource company, EOG Resources, has already set up four horizontal rigs in the Rockies and estimates that there's even more black gold in them there hills. The other big play could be in the Gulf Coast.
Regardless of where the oil ends up, it's a fair bet that we have more than 53.3 years of oil left. While that's good news, here's hoping it doesn't halt the march towards fuel efficiency we've been seeing over the past several years.