Clock Ticking On Global Oil Supply

June 19, 2007 (RFE/RL) — The debate over how much readily accessible oil remains on Earth has been revived with the release of a new report that suggests there is enough to last about 40 years.

But critics say British Petroleum’s 2007 “Statistical Review Of World Energy,” released this month, is far too optimistic.


In 2003, a team of scientists from Sweden’s University of Uppsala presented evidence that purported to prove that the world’s oil reserves are up to 80 percent less than predicted. They claim that production levels will peak by 2013.

Colin Campbell, a former chief geologist and vice president of BP, disagrees with the company’s latest oil-reserve estimates. He recently explained in the “Independent” that he believes the production of regular oil, the kind which is easy and cheap to extract, peaked in 2005. By his estimates oil will become a rare commodity by 2011.

Radio Free Europe / Radio Liberty