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According to the 2015 BP Statistical Review of World Energy, global total reserve levels, by fossil fuel, are now: 892 billion tonnes of coal, 186 trillion cubic meters of natural gas, and 1,688 billion barrels of crude oil. While these numbers may seem large at a glance, at today's level of extraction BP's estimated proved reserves of coal would be exhausted in 113 years, the last cubic meter of natural gas in 2069, and the entirety of crude oil reserves by 2067. BP dutifully acknowledges the abundance of factors that could easily alter these projections, but that does not alter the global policy imperitive to support sustainable fossil fuel extraction and development. All we need now is to define "sustainable" against ever changing market, political, and social conditions. 

Sources: Crude Oil Reservs, Natural Gas ReservsCoal ReservsCrude oil prices, Natural Gas prices, Coal prices, Historical Energy Statistics.

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In March, US President Donald Trump issued the “Energy Independence” executive order, requiring the US Environmental Protection Agency to rewrite the Clean Power Plan, a keystone of former President Obama’s efforts to address climate change. According to experts from the Trump administration, rejecting federal support for alternative energy and delaying the full transition of the US economy to renewable resources will reduce the US budget by approximately 18 percent. According to Trump, his order represents a historic step toward removing restrictions on US energy and abandoning the rules that cut jobs in the industry. Just as the...

BP Energy Production Forecast

Energy Production Forecast | Energy Consumption Forecast Source: BP Energy Outlook 2035, February 2015

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