Oil reserves

Oil reserves refer to portions of oil in place (STOOIP) that are recoverable under economic constraints.
Oil in the ground is not a reserve unless it is economically recoverable, since as the oil is extracted, the cost of recovery increases incrementally. The recovery factor (RF) is the percentage of STOOIP which is economically recoverable under a given set of conditions.
Reserves = STOOIP * RF Between 1859 and 1968, 200 gigabarrels (200 billion barrels, 31 km³) of oil were used. As of 2006, as prices approached the inflation-adjusted record highs from 1980, world consumption is on track to reach 30 gigabarrels per year.
As the price of oil increases a vast number of oil-derived products will become more expensive to produce, including gasoline, lubricating oils, plastics, tires, roads, synthetic textiles, etc. Science has so far been unable to find an affordable alternative to any of these products, even when compared to crude oil prices of $50/bbl and above.

Europe

Europe is commonly supposed to be as one of the seven continents of Earth. The term continent here referring to a cultural and political distinction, rather than a physiographic one, thus leading to various perspectives about Europe's precise borders. Europe said to be as Europe both physically and geologically. Europe is bounded to the north by the Arctic Ocean, to the west by the Atlantic Ocean, to the south by the Mediterranean Sea, and –according to the traditional geographic definition– to the southeast by the waterways adjoining the Mediterranean to and including the Black Sea and the Caucasus Mountains. Europe's eastern frontier is fuzzy, but has traditionally been given as the divide of the Ural Mountains and the Caspian Sea to the southeast. The Urals are considered by most to be a geographical and tectonic landmark separating Asia from Europe