NumBytes 6: Plenty of Oil

As the Saudis try to figure out how much extra oil to pump, much to the dismay of other OPEC countries, rest assured the ground contains plenty of oil to power the earth for the next 100 years. The US Energy Information Administration estimated world-wide oil consumption would hit a record 88 million barrels a day this year and predicted oil prices will average $103 a barrel this year, up 30% from last year, and will be even higher next year. However, according to the US Geological Survey, 3 trillion barrels of heavy oil -- a century's worth of consumption -- are just waiting to be drilled. The bad news: Only about 400 billion barrels (13%) can be extracted using existing technology. The good news: oil companies are researching technologies, like the new steam infusion project in Wafra, Saudi Arabia, to get at that heavy oil, which can be as thick as molassas.