Scientists Indicate World Oil Will Run Out

Scientists indicate the world oil supply will run out.

I personally don't believe it because new supplies are found all the time. They are not sure how it forms according to this article.

See article:

http://www.msnbc.msn.com/id/9663967/

 

We use oil in virtually all facets of our life. The population of the world is rapidly growing and larger groups of people (ie. China and India) are becoming increasingly more dependant on it. This means that every year, we consume more barrels of oil than we did in the previous year.

New sources? When found, new sources of oil a) are smaller and no longer of the motherload variety and b) generally are more difficult/expensive to extract from the ground and refine due to things such as depth and raw substance.

This is not a new idea. Dr Marion Hubbert predicted this in 1956.

 

The question here is not necessarily whether we are using more oil every year. The relevant question is: Is the amount of oil used every year greater than or less than the amount of new oil found every year? Simply put, if the amount of oil used in a year (say, 2005) is greater than the amount of oil found in a year (say, 2005), then for that year, we've lessened the world's known oil supply somewhat. And, if that trend continues indefinitely over the years, yes, the world's oil supply will be all used up some day.

 

More accurately, demand will drop as the price increases. We will begin to use alternative energy sources someday because oil will become prohibitively expensive for most applications. The free market will work in this case.

 

Indeed. Historically, when one energy source dries up, people seem to find a new one. The present generation might not conceptualize what energy sources will be able to fully replace oil, but when oil gets to the point of near depletion, out of necessity, someone will think of something.

 

Demand for petroleum products seems to be a bit inelastic.

 

WOW! WOW! WOW!
As a fossil fuel it will surely run out someday, regardless of the discovery of new sources. However, we shouldn't really worry about this eventuality because we will all be dead of the bird flu by then. Seriously Laser, I'm worrying about your worrying.
Hang in there buddy, we'll find a way.
Jack

 

And, of course, we'll all be dead someday anyway and in 300 million years, what's left of us will turn into oil.

 

Coal

My geology professor indicated there is 200 years worth of coal deposits that can be used in the U.S.

However, it is more expensive to convert coal to oil because of the process requirements.

A significant supply of oil is in Iraq and is mostly untouched.

 

Re: Coal

Yeah, thats right, Iraq. We can go over there with our big bad army, kick out Saddam, and in no time at all have all of their oil! Yeah, thats the ticket!

 

Laser, I think people here in Europe are reconsidering nuclear energy, which was regarded as evil up to now. We’ll see about it, but I think there will be petrol scarcity in a not-so-far future as developing nations are increasing their demand. Together with the economic progress of those peoples (China, India, etc…), and their inclusion in the world economy and markets as both producers and consumers, they will want those same “privileges” the Western world enjoys. Cars, fridges, heating & AC, and all those cool things they see in Hollywood movies. Imagine now how much fuel it would take to satisfy that demand.... I think the end of the fossil combustible is nearer than what many think. Imagine al alternative source of energy is found. Oil would lose then all its strategic importance, and that of the Middle East, and perhaps, only perhaps it will also help to stabilize the area.

 

Re: Re: Coal

Hey I think we DID that! But, thanks for the suggestion anyway!

 

We do not own the Earth, we are only borrowing it from future generations.

 

You are posting from a yurt? You would be if your ancestors had been of your beliefs.

 

At the risk of sounding like the belligerant pr--k that I am, duhhhh!

 

Re: Re: Coal

If you buy into the theory of global warming, oil sands operations emit large amounts of carbon dioxide.

 

Re: Re: Scientists Indicate World Oil Will Run Out

No kidding....