When will oil run out (LOGICAL ANSWERS -ONLY-)?

Question

Oil is terribly important, we all know that.

So what I'm asking of you is to supply FIGURES of oil; how much oil is predicted to be left in the world?

Then could you tell me how much oil the world consumes averagely, and (if possible) data on how much oil we've used from '94, '96, '98 '00, '02, '04 and '06.

Using this (and the table I will create using results from the other data from previous years), I will hopefully be able to contribute you guys a nice little average of when the oil will run out, based on figures.

Thank you =]

(Remember, you need not answer all the above points; if you know, for instance, the oil consumption results for '95, '98 and '00, please post them, you will be credited in the answer, and maybe be the best answer result.

Answer 1

There is enough oil to last centuries, problem is getting it out of the ground.  We are currently only tapping a very small percentage of the world's reservoirs.  As technology improves, we can drill new wells in areas we previously thought uneconomical, gain access to untapped reservoirs, and go back to old wells to withdraw more oil.  Technology also improves exploration.  It sounds as if your figures would only take into account the technology available for those years you listed.

For example, there was a shortage after WW2 and again in the 1970s, each time thinking we would run out of oil real soon, but new technology brought more access to oil creating the oil booms we've had since.

Answer 2

We all know oil is being used at a blinding pace and even experts are constantly changing positions. Did any expert predict 10 years ago prices would be as they are? The bible speaks of many horses in the end time. I think we're very close...james the hollow earth man

Answer 3

I may get a few thumbs down for saying this, but we will NEVER completely run out of oil. Its just a function of economics. Assuming a constant rate of consumption and no environmental problem (such as greenhouse gases) or some other factor that affects the demand, the price of oil will have to increase as the supply diminishes. That's basic economics - supply and demand determine the price. As the price goes up, energy companies will be able to recover oil from deeper reserves, smaller reserves, more remote locations, and lower grades, as well as start providing new sources at a profit. Not only that, oil companies will be motivated to carry out exploration to look for new oil and natural gas deposits and alternative energy supplies as the price goes up.

At some point the price of oil could get so high that there will no longer be any economically recoverable oil. But its more likely that the price of oil gets so high that nobody will buy it anymore, so we go back to the supply and demand fundamentals, and the price goes down. That has the direct consequence of encouraging better use of our conventional energy sources and increasing the use of alternative fuels and energy sources.

So it all comes down to affordability. People in many third world countries can't afford oil today, but in North America and Europe we are complaining but can still afford it.

There's no question we need to reduce our energy and resource demand and start making better use of our existing resources, but we will not run out of oil.

Answer 4

the thing is over the years more oil is grounded in the ground, since its made of fossils more animals die each day. so Over the years more oil is produced