The World's oil reserves total around 1, 240 billion barrels.
That's enough to keep us buzzing off to the quick stop in our guzzlers for another fifty years, at today's usage. Of course "today's usage" ought to go down as we find more efficient ways to burn oil, but it is a workable number anyway.
But wait. Within the last six months, both Venezuela and Iraq have increased their estimated oil reserves, to the tune of 30 billion barrels each.
And now Cuba has announced that they have "discovered" that their oil reserves are double what they previously thought, according to a BBC report. They now claim to have a 20 billion barrel reserve.
Lubos Motl, a Czech physicist and blogger, has some interesting perspectives on the idea that the world is running short of its most important economic commodity.
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Oil usage won't go down, no matter how efficient we get at burning it. American ingenuity will always outpace improvements in technology.
Funny how we keep finding more oil. People have been saying "we're going to run out!!" for half a century, yet we haven't. Makes a person think that maybe oil wasn't formed the way we think it was. :)
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