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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.
The weakness in prices could have a profound effect on some states that rely on oil production. Based on data from the EIA, the 10 states with the most proven oil reserves accounted for more than 80% of total U.S. reserves in 2013. Texas, the state with the most proven reserves, had nearly 10.5 billion barrels, nearly double the reserves of North Dakota, the state with the second most reserves.