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.