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Summary Table as of 2017If I could only count how many times I've heard that prediction in the last 50 years.
Some newer info ! Better forecast for us all .Summary Table as of 2017
CorrectionSummary Table as of 2017
Oil Reserves
1,650,585,140,000 barrels
Oil Consumption
35,442,913,090
barrels per year
97,103,871 barrels per day
Reserves/Consumption
47 (years left)
https://www.worldometers.info/oil/
You only have to be right once
(:-
There is reason for not having a number you can hang your hat on , read on the link .Your link stats
"Probably not, but demand may fall in the future."
Is not a valid numerical answer.
Please, do a google or whatever search before relying on "probably not"
(:-
Ev uses plasticsThere is reason for not having a number you can hang your hat on , read on the link .
Is the World Running Out of Oil?
From the above link .
"The answer could be simplified to a basic “no,” but it’s rather complicated. For starters, we don’t actually know how much oil the Earth has. There are a number of different ways to categorize oil, from proved reserves to those that are technically recoverable. And even these don’t all describe how much oil might actually sit underneath the earth.
Furthermore, the production of oil depends on demand, and the development of technology. Vehicles get more and more efficient when it comes to consuming oil, while new technology such as electric cars or hybrids can take a bite out of use as well. "
“Technology and geologic knowledge increased faster than U.S. production, therefore increasing estimates of technically recoverable resources through time,” says Scott Lauermann, a spokesperson for the American Petroleum Institute. “You cannot take today’s estimates of technically recoverable resources and estimate when we will ‘run out’ because those estimates are based on today’s technology and known formations, not tomorrow’s.”
More good news !
Oil Wells Recharging
From the link above .
"There have been numerous reports in recent times, of oil and gas fields not running out at the expected time, but instead showing a higher content of hydrocarbons after they had already produced more than the initially estimated amount. This has been seen in the Middle East, in the deep gas wells of Oklahoma, on the Gulf of Mexico coast, and in other places. It is this apparent refilling during production that has been responsible for the series of gross underestimate of reserves that have been published time and again, the most memorable being the one in the early seventies that firmly predicted the end of oil and gas globally by 1987, a prediction which produced an energy crisis and with that a huge shift in the wealth of nations. Refilling is an item of the greatest economic significance, and also a key to understanding what the sources of all this petroleum had been. It is also of practical engineering importance, since we may be able to exercise some control over the refilling process."
WIP :yes What you spoke of in a previous post . ^^^^^^
Finding New Oil In Long-exhausted Oil Wells
Oil Fields Are Refilling... Naturally
Old Oil Fields Are A Major Source Of New Supply
Don't you know we have to have oil to keep those private jets in the air with all the climate conference delegates flying all over the world .
The above is called scraping the bottom of the barrel
Maybe it is . Is your glass half empty or half full .The above is called scraping the bottom of the barrel
(:-
Here is a "green" car from many years ago , never made it to production . Combine this body with a bio-diesel engine and it would conserve oil .Half empty