HOW MUCH PETROLEUM IS LEFT?
Worldwide, there is still quite a bit left, enough so that supply can exponentially increase to cope with demand at least up until 2020. In 2020, it is anticipated that non OPEC and OPEC nations will produce about 120 million barrels of oil per day. Compare that to today where about 75 million barrels of oil are produced today. Demand for oil is accelerating rapidly worldwide while supplies remain finite. Oil is what is known as a fossil fuel. It is formed by plant matter which was buried in the earth’s crust millions of years ago as a result of erosion and the geothermal movement of the Earth’s surface. As the plant matter became buried deeper in the ground, it was subjected to immense amounts of pressure which squeezed the plant matter into pockets of solid coal or liquid oil. Such pockets of oil usually have a space above them filled with Natural Gas, which can also be used as a resource. Basically, oil is a renewable resource but it takes millions of years to form in the earth’s cr
