Okay, even if we do have 53.3 years of oil left in the world, we could actually console ourselves considering this year's estimate is a good 1.1 percent improvement over last year's estimation. Fret not, I am not mad because the yearly estimates are pretty inaccurate actually, considering that the 44.2 billion barrels of oil that USA has in reserve is a 26 percent increase over older estimates.
Fortunately for the petrolheads, it is very likely we won't be running out of fuel yet because according to USA Today, new technology such as horizontal drilling into an oil shale is likely to help unlock an additional 75 billion barrels from the shale formations in the Permian Basin of Texas. And great news, there are quite a few other shale oil operations in the United States that have potentially even more oil.
So it is not as bad then. Very glad combustion engines still have many more years left in them!