How Much Oil is Left on Earth?

We use oil in so many different ways. From petrol to fuel for cars, it's all around us. But what if we run out? It's a thought that has crossed everyone's mind at some point. The Mckinsey Global Institute suggests that by 2040, 97% of the world’s energy needs will be met by fossil fuels (coal, gas and oil). So how much oil is left on Earth? And how much do we consume? This article will explore these questions and more!


The problem with oil
Oil on its own is not the problem. The problem with oil is that it's finite. It's only a matter of time before we run out, whether it be in 50 years or 500 years. However, this doesn't mean that we should worry about it or stop using it, because there are alternatives to fossil fuels, such as solar power and electric cars.



The Mckinsey Global Institute suggests that by 2040, 97% of the world’s energy needs will be met by fossil fuels (coal, gas and oil). So how much oil do we have left? And how much do we consume? This article will explore these questions and more!


How much oil is left on Earth?
The amount of oil left on the planet depends on the estimates. Estimates for how much is left are hard to make because there isn't a lot of information about what's going on with oil reserves in some countries. If you were to look at proven reserves, the US has the largest reserve at about 30%. Saudi Arabia is second with 20% and Venezuela is third with 17%. So that means that these three countries have about 57% of all the world’s proven oil reserves.


How much oil was there to begin with?
Oil reserves are measured in barrels of oil. There are 147 billion barrels left on Earth, and we consume about 29 billion barrels every year.


What is the current consumption?
The Mckinsey Global Institute reports that the world consumed 49 billion barrels of oil in 2015, which is two percent higher than in 2014. However, this percentage is still lower than the peak oil consumption of 2007.

The world burns through so much oil because it is so versatile. Oil can be used for petrol or fuel for cars, to make plastics or pharmaceuticals, and more. If we continue at this rate, then the world will consume 97% of its energy needs from fossil fuels by 2040! That leaves just 3% for renewables.


The rise of renewable energy
While the world relies heavily on oil, it is looking for alternatives. The Mckinsey Global Institute predicts that by 2040, only 3% of the world’s energy needs will be met by oil. This rise in renewable energy could be attributed to two factors: government regulations and innovation.

One way governments are trying to promote the use of renewable energy is through regulations. The European Union has set a goal of obtaining 20% of its energy from renewable sources by 2020. In the United States, President Obama has also set goals for reducing greenhouse gas emissions. These regulations are intended to reduce global warming and climate change--a threat that scientists have been warning us about for decades now.

Another factor that may contribute to the rise in use of renewable resources is innovation--the development of new technologies and methods to produce commercial goods or provide services without using fossil fuels. This includes solar panels and wind turbines, which can generate electricity with low emissions or no emissions at all!


Conclusion
According to the International Energy Agency, oil production will last for another 41 years. That’s a long way to go, but it’s not as long as some people might think. In fact, some scientists have calculated that the world’s oil reserves will be depleted in the next decade. Regardless, the world’s energy demands are going to keep increasing and there is no foreseeable energy source on the horizon that can meet these demands.

As a result, we must take action now to prepare for a future without oil. That’s why many countries have started developing their own renewable energy programs, and have been working hard on developing new technologies that will help us rely less on fossil fuels.