2006-09-12 21:57:00 · 11 answers · asked by Anonymous in Social Science ➔ Economics
because the price will adjust to the supply.
2006-09-14 04:24:12 · answer #1 · answered by MBK 7 · 0⤊ 0⤋
If we burn oil faster than it is created (which we do by a huge factor), then we will eventually run out.
It should be noted that some oil is so deep in the earth that it is not cost effective to get it (that is, it would cost more per gallon to retrieve it than the oil would sell on the market).
No legitimate scientist, student, or person who has ever actually studied oil reserves has concluded that we will never run out. While estimates vary, the current projection that I have heard is that we are looking at 40, maybe 80 years of oil left.
Some politicians have ignored scientists for their own short-term goals, but that is a discussion for another time.
2006-09-13 19:36:21 · answer #2 · answered by Andy P 3 · 0⤊ 0⤋
Oil will not be always available, it will run out or better that the price of its extraction will be too high. Oil companies are the world richest and most influential and they will not give up that for free or to anyone. Look at the expanses of Siberia and imagine what can come out from. This is not a company adjoined to the Big Cartel so it will be pushed to low profile always
2006-09-13 05:08:44 · answer #3 · answered by Anonymous · 0⤊ 0⤋
For everyone that thinks we will run out of oil,
WE WILL NEVER RUN OUT OF OIL!!!!!!
It is not possible. Right now, we are getting crude oil from subterraneous deposits. This is the least expensive method for getting oil.
If and when these run out, we will get oil from another source, such as the oil shale in the Western United States. This is a more expensive alternative, but can product oil just the same.
When and if these run out, we will get oil from tar pits. A more expensive alternative.
When and if these run out, we will manufacture oil from carbon based elements such as grains, etc. A very expensive alternative.
So regardless of how much oil is in the ground, there are always ways to get more. It is just a matter of how much it costs to manufacture it and how much it will cost.
2006-09-13 14:05:45 · answer #4 · answered by Are_You_Stupid? 2 · 0⤊ 0⤋
there was a big hit with oil in the gulf of mexico not to long ago. it was one of the biggest hits in years and yet at the rate of supply and demand for everywhere in the world eventually that well will be dry. oil will not always be available especially when all the refineries have used up what they have stored away and i believe that will be after the well runs dry in the gulf.
2006-09-16 02:03:13 · answer #5 · answered by ro gulley rat 2 · 0⤊ 0⤋
Because oil replenishes itself by some unknown natural occurrence deep within the Earth. You really believe all the animals died in the same place long ago and then turned into oil over time to create giant pools.
2006-09-13 15:09:50 · answer #6 · answered by Zak 5 · 0⤊ 0⤋
Will oil ALWAYS be availiable probably not, but keep in mind that 100 plus years ago oil wasn't even a resource unless it came from a whale, and when that resource got scarce we figured something else out. So there will ALWAYS be something to fuel the world,
Economics is NOT REALLY the study of distribution of scarce resources but rather the study of human ingenuity to prosper one's self, ones's family, and one's community at large.
2006-09-13 05:09:48 · answer #7 · answered by Old Wise One 3 · 0⤊ 0⤋
whoever told you that is dead wrong. Oil won't last another 100 years at the rate we are using it now, and natural gs will run out before that.
2006-09-13 04:59:17 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Because enough fossils are laying around in the ground to be processed into oil & gasoline, hence the name "Fossil Fuels". I hope this answers your question
2006-09-13 05:00:48 · answer #9 · answered by zekemilli4 3 · 0⤊ 0⤋
nope sooner or later we will run out of oil
2006-09-13 04:59:42 · answer #10 · answered by Anonymous · 0⤊ 0⤋