It matters not how much is down there. It will still run out. Not if, just when.
Estimates of reserves are one thing. Getting it out is another entirely.
Ultimately we're just putting off the ugly facts none of us want to face or pay for. NIMLs. Not in my lifetimers. Or SEPs....
And when its gone, who clears up ? In the North Sea I believe us tax payers are shelling out big time on rig decommissiong after the 'owners' were a tad careless, hoovered up the oil, and strangely went bust. Or were so poor they need massive subsidies and tax relief to do it.
Hmmmmm. Where did all that cash go ?
And as pointed out above by our NA cousins, there are other costs as well. Buy water is a good plan :-)
I believe I read some while ago it costs about 1 barrel of oil in energy for every 5 extracted in the Gulf, compared to 3 for 5 with shale. Not sure if that is right but certainly energy will still have a higher cost than we've used too.
Either way, burning stuff and chucking the remains in the air can't be that good, whatever you use for the fire. (Having lived 45 years next door to a nuclear station I'd rather those in the short term)
Ah well. Guess it keeps people warm and happy and that buys votes.