When is the oil scheduled to run out? Since supply and demand dictate economics.........does anyone have any idea what the supply of oil in the world is like? how many years left?
2006-07-27 04:26:57 · 7 answers · asked by The Angry Stick Man 6 in Politics & Government ➔ Other - Politics & Government
There's lots left.
Most of the oil available to the United States will stay underground because of the environmental lobby that has prevented us from drilling in the ANWR and off the coasts of California and Florida... keep in mind that Cuba drills 50 miles off the coast of Florida and we don't.
With that said, it is important to find alternative sources of energy.
2006-07-27 04:30:56 · answer #1 · answered by MDPeterson42 3 · 0⤊ 0⤋
Not an economics major, but I hear estimates ranging from 25 - 75 years. I think the high end ones are assuming that new technology will find previously undiscovered fields. So the supply is limited that way.
However, for your supply/demand question, I think we need to factor in the fact that available supply at any one time is tightly controlled by the OPEC cartel. They aren't increasing production very much because higher prices benefit them as much as the oil companies that refine it. But even they have unwitting accomplices on the left who have blocked new refineries that would have allowed faster refining of oil.
2006-07-27 04:51:57 · answer #2 · answered by Crusader1189 5 · 0⤊ 0⤋
oil resources may decrease..... that is what we assume, but no one really knows the actual fact. try this analogy, during the renaisance Thomas Malthus wrote about supply and demand for food against population in Europe, and the calculation he used was mathematical and geomatrical... and the whole world became panic, and started the family planning just to make sure we would have enough food... but then people invented technology in agriculture and what they can produce in an acre during that time compared to today is only 1/10 of the current aoutput. then the Malthus theory is invalid.
God give us resources from all over and all direction which you may not even think of.....the Quran teaches the muslims about these resources. So why worry about oil reserves? In the next 2 years who knows, engines can run on air pressures just like the air pressured bolts opener we can see in the car races. Who knows, people go to the gas station to fill their tanks with pressures air?..Thats technology... Supply and demand is only for greedy people, opportunists and capitalists.
2006-07-27 04:39:48 · answer #3 · answered by n9flyboy 4 · 0⤊ 0⤋
I have heard that we have used approximately half of the worlds oil supplies, and that there are about 50 years worth left. This is only speculation though, hopefully alternative energy sources become viable soon, to reduce our dependence on oil.
2006-07-27 04:31:39 · answer #4 · answered by david w 1 · 0⤊ 0⤋
From all the articles I've read and saw on TV, about 150 to 200 years worth of oil at our current rate of consumption. Unfortunately, that rate is increasing. We HAVE to start using alternative sources of energy.
2006-07-27 04:30:41 · answer #5 · answered by Spirit Walker 5 · 0⤊ 0⤋
5 years ago they had an estimate that we have about 50 years worth of natural oil left left the current consumption rate but that was 5 years go the consumption rate has increased 9 % since then.
2006-07-27 04:31:11 · answer #6 · answered by Jeff L 4 · 0⤊ 0⤋
Hundreds of years worth. A lot of it will just be left where it is until the cost of oil rises enough to justify getting it out. (oilsands, offshore drilling, etc, are too damn expensive or else oil would be dirt cheap.) There is a crapload of oil out there
2006-07-27 04:31:27 · answer #7 · answered by dave l 1 · 0⤊ 0⤋