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Globally - every year we currently consume the equivalent of over 11 billion tonnes of oil in fossil fuels. Crude oil reserves are vanishing at the rate of 4 billion tonnes a year1 â if we carry on at this rate without any increase for our growing population or aspirations, our known oil deposits will be gone by 2052. Weâll still have gas left, and coal too.
U.S. crude oil and lease condensate proved reserves decreased for the first time in seven years in 2015 (Figure 8). The average price of oil in 2015 dropped 47% compared to 2014, causing operators to postpone or cancel development plans and revise their proved reserves of crude oil and lease condensate downward. In the past 20 years, declines in reserves were observed in 1995, 1996, 1998, 2003, 2004, 2006, and 2008.