2006-11-14 06:02:04 · 5 answers · asked by sridhar c 1 in Science & Mathematics ➔ Earth Sciences & Geology
On current estimates we have now reached the peak of oil production. That means that we will not be able to sustain the current levels of extraction for much longer. Established Oil fields such as Texas and North Sea (Brent) are now coming to the end of their life, with perhaps 20 years of oil remaining. New offshore developments especially offshore Brazil, offshore Nigeria and Java (Brunei & Malay) have longer, probably 60 years. Research is being heavily funded by the large oil companies to develop more advanced extraction methods (pumping down carbon dioxide or water) to release the remaining oil from older fields, which may extend the life of some of these reserves but by a range not exceeding 5% of the reserves remaining. New offshore and onshore fields are currently being sort, offshore Cyprus and regoins of the wider Middle East. I have an optimistic outlook to the reserves of oil. Many predict ranges of 40 to 100 years of current usage being sustainable. That, however, doesn't take into account the 'cusp' that we rest upon with regards to China and India's industrial revolution, which may tip the balance.
2006-11-14 06:18:35 · answer #1 · answered by Eddie L 1 · 0⤊ 0⤋
Oil will be available as long as there is a profit in it.
Saudi Arabia has enough oil to last 100's of years.
They are in the process of opening a huge oil reserve in the Alberta Canada region with enough oil to supply North America for 100's of years.
They closed most of the oil fields in the United States not because they ran out of oil but because of profits.
I think it's amazing that since ethanol and other bio-fuels are becoming more available, they seem to be finding all this oil.
2006-11-14 06:17:20 · answer #2 · answered by Mad Jack 7 · 0⤊ 0⤋
It all depends on what the definition of "Reserves" is. As the price of oil increases, previously uneconomical deposits become economical to tap. It has been estimated that there is more oil in the oil shales of the western United States than in all the Middle East. Coaxing the oil out of these shales has proved expensive, and to date they are not resources. New technology in the future might change all this.
2006-11-14 11:05:53 · answer #3 · answered by Amphibolite 7 · 0⤊ 0⤋
Absolutely not.There is enough supply to last for generations.It's just a matter of drilling in previously uncharted areas.
2006-11-14 06:09:58 · answer #4 · answered by Soupy 3 · 0⤊ 0⤋
No.
2006-11-14 06:12:46 · answer #5 · answered by tooyoung2bagrannybabe 7 · 0⤊ 0⤋