The article concedes that 1 trillion barrels of oil has been consumed since the 19th Century and:
The world consumes about 87 million barrels of oil per day, or nearly 30 billion barrels of oil per year. How much oil is left? It’s hard to be sure. Proven oil reserves—i.e., oil that is recoverable under current economic and operating conditions—are estimated to be 1.1 trillion barrels by the industry journal World Oil, 1.2 trillion by the oil company BP, and 1.3 trillion by the Oil and Gas Journal.
However, when all proven and expected sources are added up the USGS estimates 5.9 trillion barrels of oil remains. So the fact remains that as oil demand exponentially increases the half-way point of all recoverable crude oil will be reached someday soon.
And as an aside, the article fails to note the differences between light sweet and heavy crude oil and how it is the easy to recover and refine light sweet crude oil that has reached its peak.
