Are we at "peak oil" worldwide yes or no? Or is there more oil in the ground beyond what we can imagine?

Question

35 years ago i was watching television commercials and programs stateting we would be depleted of all fossil fuels specificaly"crude oil" by the time i reached 40 years of age.I`m just wondering if theres more crude-oil deposits that are never mentioned.

Answer 1

Yes we are at "peak oil" - give or take 5-10years

http://youtube.com/watch?v=Ulxe1ie-vEY

This is the point at which our increasing demand for oil exceeds our ability to get it out of the ground and refined fast enough.

the easy to reach and refine oils have now been used.

see last hours of ancient sunlight

http://www.amazon.com/Last-Hours-Ancient...

even if we magically found unlimited energy we then hit all sorts of other limits - as defined by the Club of Rome Limits to growth back in the 1970s

Answer 2

doesn't matter.  As soon as the oil industry has there money positioned in the renewable energy market, we won't need oil anymore.  Invest in nonrenewable energy now, and you will be wealthy in about twenty years!

Answer 3

Actually there might be less!

There is a great book out by Paul Roberts called "The End of Oil: On the Edge of a Perilous New World".  See the first link below.

This book goes into a great deal about the history, politics and production of oil.  It also illustrates (very well), that we've hit the top of the bell curve for the total amount of available oil.  From here it's all down hill.

This will cause a radical shift in global politics and some forecasts contend that one of the "side" results is that billions of people will starve (see second link).

Note:  I think people would have much more credibility if they actually spelled "Prudhoe Bay" correctly.  Just a thought.

Answer 4

Latest estimates I have heard is oil lasts another 100 years and coal lasts 400 years. But we really don't know how much undiscovered oil there is or at what rate we might use it in the future.

Answer 5

Yes one of the worlds largest runs from North Dakota to the Rockies.  Of course you never hear about it, also Prudeau Bay in Alaska is filled with it, you never hear about that either.

Answer 6

Good news: There is much more oil than you can imagine and exotic forms of hydrocarbs (maybe 1-4 times what we already consummed)

Bad news: Their extraction is always more difficult and expensive. The output due to natural reasons (pressure in the layers) is limited while the demand grows much faster.

In turn... reputable predictions indicate a price for oil at $200-$250 per barrel in 2020.

There will be oil... but who will be able to afford it? Chinese and Indian businessman or US workers? That is all the question.

In the end, oil will become so expensive that at some point in the future, renewable energies will become less expensive turning oil obsolete.

Answer 7

However much there is it doesn't matter, if everyone in the world aspires to a "Dallas" lifestyle or anything near it we will run out of everything, minerals, water, oil, food, you name it. Not every African can holiday in America, all the Chinese can't visit Paris, anyway you look at it exporting the American dream of free markets will sink the planet....