To put these numbers into perspective.
The oil reserve discovered contained 5 to 8 billion barrels or oil.
If we are optimistic and assume it is 8 billion barrels
The world uses 82 million barrels a day, and the United States 20.6 million barrels a day (2005 statistic), and assuming this consumption does not increase or decrease (unrealistic).
Like to the stats:
http://www.eia.doe.gov/neic/quickfacts/quickoil.html
8 billion barrels of oil will last the world......
8 billion barrels / 82 million barrels/day = 97 days or just over 3 months.
8 billion barrels of oil will last the United States
8 billion barrels/21 million barrels/day = 380 days or just over 1 year.
To me this huge reserve just isn't that huge.