Global proven oil reserves have never been as high as now

So much for peak oil!

Proven oil reserves have increased by 144% since 1980 and 60% since 1992!

BP’s Statistical Review of World Energy 2013 is now out.

These two images are from Power Line’s Steven Hayward

Like the end of the whole peak oil hypothesis.  The first figure below displays the 60 percent growth in proven global oil reserves over the last 20 years.  This is not just the result of recent technological advances such as directional drilling and fracking: the second figure takes BP’s data back to 1980, which shows a steady increase in reserves throughout the period amounting to a 144 percent increase.  (That kink in the line in the late 1990s corresponds to the collapse in oil prices down to about $10 a barrel at the time.  Simple lesson: price matters.)  

global oil reserves 1992 - 2012 graphic hayward power line

global oil reserves 1992 – 2012 graphic hayward power line

Global oil reserves  1980 -2012 graphic hayward power line

Global oil reserves 1980 -2012 graphic hayward power line

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