Oil problem ........

Question

is it true that there will be no more oil in the next 5 to 10 years? that is why we have oil price hike at present?

Answer 1

yes =/

Answer 2

Base on what we have discovered, yes. Price is high because supply and demand. There are also lots of politics involved.

Answer 3

like yeah man.

supply and demand

Answer 4

No, there is no truth to that rumor.

The highest annual consumption of oil worldwide is projected to be about 100 million barrels per day by 2030.

http://www.eia.doe.gov/oiaf/ieo/pdf/high...

The current reserves of oil already found in existing oil fields is sufficient to meet worldwide demand through that time.

The cause for the current unwarranted spike in oil prices is a subject of much speculation. Politics is a major cause, the relative value of currencies plays a part, as does profiteering. There is no simple answer to this, and no one knows what the long term solution is.

(Although some people may misrepresent that to you for political or economic short-term gain.) As with many very difficult economic and political problems, the ultimate solution will be  a compromise of many things, answers, and technologies. No one answer will provide a solution. It will take a lot of hard work, creativity and reason to solve the energy needs of most nations. As to the energy needs of the world? There is plenty of energy out there, transforming it to a useful form is the final problem.