No where there did it say how much oil is left in the world, just that they have are pumping more then they use - which is a lot and has no factor on how much more oil we havn't already consumed.
What it did show is how much we've consumed, combined with how much we have consumed and how much we will consume, one doesn't even need to look at a study to how much oil to infer there isn't much left. That it's limited.
How Does Oil Form?
It takes millions of years to form oil, we are not replenishing it at rates we are using it.
". . . The best in the business, the U.S. Geological Survey,
previously figured that the booming Bakken shale play in North Dakota only contained 150 million barrels, but
experts now report that it could have over 20 billion. Leading researchers at Rice University
conclude that the U.S. could have 2 trillion barrels of recoverable oil, enough to fully meet our current demand for a ridiculous 285 years! The resource base for CO2 enhanced oil recovery (CO2-EOR) alone
stands at 600 billion barrels. Most Americans don’t know that ~66% of a reservoir’s original oil in-place often remains “stranded” after primary and secondary operations because it’s too difficult or expensive to extract. Deploying the tertiary technique of CO2-EOR, however, where CO2 is injected to thin the viscosity of the hard-to-reach petroleum, 60% and more can be produced. The Natural Resources Defense Council
recognizes CO2-EOR as a “win-*win-*win” for
energy, economy, and environment (our “three E’s”). Oil sales from CO2-EOR would also greatly improve the economics of emerging carbon capture technologies, critical because coal and natural gas will
easily remain the foundation of U.S. electricity supply for decades to come (
see EIA projections here). The U.S. CO2-EOR industry has been safely storing CO2 in the ground since the 1970s, now yielding over 300,000 b/d. In fact, the shale revolution itself illustrates how quickly massive opportunities can present themselves in the hydrocarbon production business: “shale”
got 184 mentions in EIA’s
International Energy Outlook 2013 when it had just 3 in the
2005 edition. Ultimately of course, we can only guess as to what OPEC and other key producers will do, but we know that “DON’T DRILL, BABY, DON’T DRILL” is sure to increase prices. The importance of petroleum is ongoing, as there is nowhere near a significant substitute. Wind and solar technologies are progressing, but they are strictly sources of electricity. Oil fuels just 1% of our electricity but 95% of our huge transportation needs. Although it fluctuates a bit, the price of crude oil generally constitutes ~70% of the price of gasoline. Fortunately, oil may be a finite resource, but especially as our ever-increasing unconventional resource becomes more economical, the total amount remaining is better measured in centuries not decades. . . . "
U.S. Oil Reserves, Resources, and Unlimited Future Supply ...
www.forbes.com/.../u-s-oil-
reserves-resources-and-unlimited-
futur...
Forbes
Apr 2, 2015 - With only 2% of the
world's oil reserves, we can't just drill our way to lower gas prices,” President Obama, 2012 The difference between a ...