Oversupply

With BP recently reporting the estimated total at over 1.7 trillion barrels, the world today has more proven oil than it ever has in history, This is amazing of course because oil has been the main source of global energy for many decades, with another 32 billion barrels of crude devoured this year. Just going back to 1980, despite the extraction of around 950 billion barrels, proven oil reserves have soared by over 1 trillion…