What will happen when global oil production starts decreasing in the next 5 years?

Question

@volcanicactive: That's not true. Oil reserves have been decreasing since we first tapped them but production has been rising ever since then. It's only in the last year or so that production (the rate at which we can extract it from the ground)has peaked.

@Kevin: Where are you getting your information? Chevron has been taking out ads in magazines for the past year stating we now consume 2 barrels of oil for ever 1 which is discovered. This isn't even debatable. The rate which we find oil is much much less than what we produce. Furthermore, the oil we *do* find is usually in very hard to reach places such as deep offshore sites which are much more expensive, risky, and difficult to harvest.

Answer 1

You're wrong questioner. Various individual oil fields come and go, but total oil production did not peak last year, and there is no evidence that it will any time in the next five years. There is no evidence that we are anywhere close to peak oil. Total proven reserves have only INCREASED in recent decades as new oil has been discovered faster than old oil has been pumped from the ground.

If you pay any attention to actual news about oil instead of to hyperventilating theories about it, you will have seen that OPEC has been in panic mode trying to discipline themselves recently to deliberately cut back production so as to prop up the price. The fact that they keep over-producing has led to a series of emergency meetings to try to instill discipline on the cartel. Ability to produce enough oil is HARDLY the problem today.

But to play your game, let us say you're right. The simple answer is that gradually tightening supplies of oil would cause prices to gradually increase. In turn demand for oil will fall -- just as high prices caused demand to fall during 2006 among the 30 nations of the OECD. If falling demand does not moderate the price of oil, then oil alternatives will become more economically advantageous (which they currently are not), and we'll gradually begin to phase them in.

No big deal really, just more expensive energy.

** Again, Duclf, oil production is not declining. Nothing about your Chevron marketing hype, even if true, means production is declining or that it has peaked -- at most it would mean that total proven reserves are, at the moment, declining -- which does NOT mean oil production is declining or that we've reached the point of peak production yet. This is not a difficult point, and you need to think this through a little better.

Answer 2

the way in which the arena goes correct now it might be viable. You certainly not recognise for definite. I imply appear at this. our troops are nonetheless combating in Afgani and locations like that and its been eight years now i consider . and A Russian plane or fighter jet was once spoted over Canada final month i consider. I imply a majority of these global leaders are vigour hungry. And They dont rather care so long as they possess the majorty and maintain their town undercontrol. The Auto enterprise is crashing cuz of the top gass charges. I imply appear at it now. I would possibly simply be a child/teenager however normally we youngsters/teenagers have a greater view on matters then adults. Arnt Adults constantly pronouncing dont battle TALK ABOUT IT! why dont they speak it out? But it is extremely viable.

Answer 3

Considering a new cache was found recently in the gulf of Mexico, enough there to last us 75 years, and that for the last 50 years, people have been saying "We'll run out of Oil in 50 years", and they are still projecting that, (apparnetly its a rolling 50 year window), i'd say not a whole heck of a lot.

Answer 4

Since no more oil is being beamed down.Oil production has been decreasing now since the industrial age.5yrs.Not much.

Answer 5

We will all use sunflower oil and treat it with chemicals for our desired outcome, we will never face scarcity having humongous alternatives in production of any other critical resource.

No misery can befall us due to earthquakes and so on because we have plan A,B,C,D,....................,X,Y&Z.

No prblems at all only if all respective persons accomplish and publicly offer their skills and abilities as they ought!

Answer 6

Sooner or later, the libs will open up ANWR.

Answer 7

you never know really.