How Long Will Oil Reserve Last ?

Oil Reserves: Is the Planet’s Major Fossil Fuel Good to the Last Drop? 
 
Energy. Humans all over the globe use it every day. From the flipping of a light switch to the revving of an engine for the morning and evening commutes, energy is all around us. According to scientists, our energy sources are in danger. Oil is a prime example of a non-renewable resource. Meaning, once it is gone, it is not coming back; theoretically the earth can make more oil, but the process involves millions of years of fossil decomposition. Oil reserves are low, but how low are they and when should we be worried?

How Much Oil is Left?

According to the Institute for the Analysis of Global Security, there are trillions of barrels of oil available for the world’s use. The Institute suggests that 6 percent of oil reserves are found in North America, 9 percent in Latin and Central America, 2 percent in Europe, 4 percent in Asia, 7 percent in Africa and 6 percent in the nations that once comprised the Soviet Union. So what about the other sixty-six percent? This amount of oil is found in the Middle East, Saudi Arabia and Iraq being the two nations that have the most oil to offer. Most experts predict that if trends continue, eighty three percent of global oil will be controlled by the Middle East.

The Politics of Oil

The statistics alone are not enough to reveal just how significant a political bargaining chip oil has become. The United States has what is known as the U.S. Strategic Petroleum Reserve. According to Cato Institute writer Alan Reynolds, the United States has begun adding 160,000 barrels of oil daily into the SPR, and has given no indication of selling, but only of collecting barrels of oil. The concern for OPEC is that the United States could sell or simply use the oil from its own growing stockpile. According to Reynolds, there are 700 million barrels in this stockpile. While this may be threatening to OPEC, the fact of the matter is that America uses nearly 20 million barrels of oil a day, leading one to question just how truly threatening the American SPR is to the oil bosses of OPEC.