Are we gonna run out of oil (i hope so) otherwise (2nd ?) if not then y the price rise?

Question

Are we gonna run out of oil (i hope so) otherwise (2nd ?) if not then y the price rise?

Answer 1

I believe that we would theoretically run out of oil but that can only be predicted. Personally, I think there is plenty of oil on earth for longer than a hundred years. Although, if this is true we will probably totally s***w up the world with our rapid consumption before we run out.

Prices are rising for a number of reasons. The economy is not at its best right now. Mass oil producers are having issues and are charging more. The value of the US dollar has dropped, thus we must pay a more quantity of dollars to make up the loss.

Answer 2

if we keep using oil the way we are yes we will run out of it within 100years the prices are rising so you use less so the industry can use more and also make it last longer.

Answer 3

We have more (known) oil reserves just waiting to be pumped out and refined than we as a nation could ever use. Add to that, oil yet to be discovered and it makes the argument of running out of oil simply ludicrous. Just recently in North Dakota the Bakkan formation was determined to hold 3 to 4.2 billion barrels of oil, and the oil industry is continuously searching and successfully finding more oil.

The price of oil is up due to speculators (Wall Street) gambling on higher prices in the future, and strife in other oil producing countries like Nigeria and Indonesia. Also, there are fewer refineries than we really need to keep up with demand. A new refinery in the USA hasn't been built in 30 years, largely due to environmentalist wackos protesting and leftist politicians determination to thwart our attempts to remain competitive in the economic world.

Answer 4

You hope we run out of oil? I think you know not what you say.

Yes we are running out. At current consumption rates and with current technology, we will have exhausted our supply in about 80-100 years.

Why is is more costly? Supply and demand. More people want it than ever before. More countries are developing higher energy needs. The oil companies see this and know that countries that really want it will pay for it. And they do.

The oil costs more so they have to recoup their losses by raising the prices at the pump, as well as just about everywhere else.