early estimates put the amount of recoverable oil in the range of 10 billion barrels
US Geologic Survey estimated 5.7 billion recoverable barrels in 1998. Furthur tests have shown that this number might be high. That 10 billion (or above) figure hasn't been current since the late 80s. Time to buy some new encyclopedias.
The United states consumes a little over 10 billion barrels of oil in one year, with demand increasing all the time. So, with your estimate, we get one year of oil (at current consumption) and by the 1998 estimate we get -- drum roll please -- six months.
Now what was that about a line being put into the garbage?
Cheers. |