Oil sees recoverable resource estimates jump in EIA report

Just how much oil do we have?

The Energy Information Administration shocked in a good way when they reported a major increase in global oil supply! Not as big as originally reported but great news either way. DTN reported "That estimated shale oil and shale gas resources in the United States and in 137 shale formations in 41 other countries represent 10% of the world's crude oil and 32% of the world's natural gas technically recoverable resources, or those that can be produced using current technology, according to an Energy Information Administration-sponsored study released today. “Technically Recoverable Shale Oil and Shale Gas Resources" estimates that shale resources considered in conjunction with EIA's own assessment of  resources within the U.S. indicate technically recoverable resources of 345 billion bbl of world shale oil and 7,299 Tcf of world shale gas."

So according to that number and assuming the world consumes 19 million barrels of oil per day, we then have 497 years of oil left or .04974765681 if you want to get technical. Yet the Energy Information Administration sent a clarification explained that in the report sent out that the 2011 report did not have estimates for shale oil, only for shale gas. The email below was sent earlier, “Please note the 2011 report DID NOT have estimates for shale oil, only shale gas. The 32 billion barrels of shale oil in the chart is from EIA's 2011 Annual Energy Outlook, and ONLY reflects U.S. shale oil, NOT global shale oil. So the statement below of a 10-fold increase in world shale oil resources can't make that comparison between 2011 and 2013. The 2011 report DID include global shale gas estimates, so the comparison of shale gas resources with 2013 is okay.”

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