U.S. Energy Information Administration - EIA - Independent Statistics and Analysis
Frequently Asked Questions
Does the world have enough oil to meet our future needs?
According to the U.S. Energy Information Administration’s (EIA) International Energy Outlook 2016, the global supply of crude oil, other liquid hydrocarbons, and biofuels is expected to be adequate to meet the world's demand for liquid fuels through 2040. There is substantial uncertainty about the levels of future liquid fuels supply and demand. EIA reflects some of this uncertainty by developing a Reference case, high and low economic growth cases, and high and low oil price cases in its projections. The oil resources currently in the earth's crust, in combination with expected production of other liquid fuels, are estimated to be sufficient to meet total world demand for liquid fuels in all cases of the International Energy Outlook 2016.
An often cited, but misleading, measurement of future resource availability is the reserves-to-production ratio, which is calculated by dividing the volume of total proved reserves by the volume of current annual consumption. Proved reserves are an accounting concept that is based on known projects, and it is not an appropriate measure for judging total resource availability in the long term. Over time, global reserves will likely increase as new technologies increase production at existing fields and as new projects are developed.
International Energy Outlook, Chapter 2. Petroleum and other liquid fuels
International energy data (historical world and country-level estimates of proved crude oil reserves, and of petroleum and other liquids production and consumption)
Last updated: May 19, 2016
Other FAQs about Crude Oil
- Does EIA have county-level energy production data?
- Does EIA have data on U.S. oil refineries and their locations?
- Does EIA have data on the movement of crude oil, ethanol, and biodiesel by rail and truck?
- Does EIA have data on the type or quality of crude oil?
- Does EIA have maps or information on the location of U.S. natural gas and oil pipelines?
- Does EIA have projections for energy production, consumption, and prices for individual states?
- Does the world have enough oil to meet our future needs?
- How many gallons of gasoline and diesel fuel are made from one barrel of oil?
- How much coal, natural gas, or petroleum is used to generate a kilowatthour of electricity?
- When was the last refinery built in the United States?
- How much of the oil produced in the United States is consumed in the United States?
- How much oil consumed by the United States comes from foreign countries?
- How much oil is consumed in the United States?
- How much oil is used to make plastic?
- How much petroleum does the United States import and export?
- How much shale (tight) oil is produced in the United States?
- What are petroleum products, and what is petroleum used for?
- What countries are the top net importers of oil?
- What do I pay for in a gallon of gasoline and diesel fuel?
- What is the difference between crude oil, petroleum products, and petroleum?
- What is the outlook for home heating fuel prices this winter?
- What types and amounts of energy are produced in each state?