Oil has been a natural commodity found throughout the world for well over a hundred years. It is used for everything from transportation to heating a home. However, oil is a derivative of prehistoric fossils, so there can only be a limited supply of oil on the planet. The exact amount of oil has been argued by different countries and companies, but ultimately, it comes down to how much of a demand there is for the product. If consumption continues at the current rate though, it is possible to figure how much oil is left in the world, just as BP has estimated.
Large oil companies are able to pinpoint exactly how much oil is left in the world. The industry knows how much is in most reserves and what the production rate is. That is why listening to BP is so important. According to the latest BP oil reserve estimates, it believes the world has only 53.3 years left of the energy option. This basically gives the world another half century to become more reliant on other forms of energy, otherwise it is in severe trouble. The 53.3 years is 1.1 percent more than what the previous year had indicated, due to the increase in American shale oil, although it is possible these numbers might shift drastically in the next few years, depending on consumption and if additional reserves are located.
If oil is tapped out in just over 50 years, there are several regions in the world that are most likely going to struggle significantly. Industrial nations throughout Europe, North America and Asia have been integrating natural forms of energy, ranging from coal to solar and wind power, but other nations that rely completely on oil production, such as the Middle East, are more likely to see significant problems when the oil runs out, if new measures are not taken.