U.S. Energy Information Administration - EIA - Independent Statistics and Analysis
Frequently Asked Questions
Do we have enough oil worldwide to meet our future needs?
According to the U.S. Energy Information Administration’s (EIA) International Energy Outlook 2014, 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 for at least the next 25 years. There is substantial uncertainty about the levels of future liquid fuels supply and demand. EIA reflects some of this uncertainty by developing low and high oil price cases, in addition to a reference case, 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 three oil price cases of the International Energy Outlook 2014.
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.
- The International Energy Outlook 2014 includes EIA's most recent projections for world liquid fuels supply and consumption.
- The International Energy Statistics portal contains historical world and country-level estimates of proved crude oil reserves and petroleum production and consumption.
Last updated:December 9, 2014
Other FAQs about Crude Oil
- Do we have enough oil worldwide to meet our future needs?
- 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 shale (or tight oil) production?
- Does EIA have data on the type or quality of crude oil?
- Does EIA have maps or information on the location of natural gas and oil pipelines?
- Does EIA have projections for energy production, consumption, and prices for individual states?
- Does the EIA have data on the movement of crude oil and petroleum products by rail and truck?
- How many gallons of diesel fuel and gasoline 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 sources?
- 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 from where?
- What are the products and uses of petroleum?
- 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?