How long can the World Oil Reserves last?

Question

Recently there is an escalation of the world oil price due to many contributing factors; one of which is the concern of the shortage of oil reserves.
The known world crude oil reserves in 1976 were estimated to be75, 000 million metric tons. The amount of oil consumed worldwide in 1976 was 2,800,000 thousand metric tons. Estimate the year the world oil supply will be depleted.

Answer 1

the world oil supply will never truly run out. They will just become so scarce and difficult to get at that we won't be able to use them. Fewer new oil fields are being discovered and output from established fields is decreasing (oil can't just be pumped faster from these fields because the geology and physics of the reservoirs prevents it). However our need for oil is not decreasing. This means that oil shortages will cause significant hardships, especially in the developed world starting very soon. This will get worse and worse unless we can find alternatives to oil. Developed countries must move away from oil before it becomes depleted if they wish to maintain high standards of living.

Answer 2

Actually the shortage of oil reserves is not a contributing factor to the high oil price, its the output of oil per day which has more influence. For instance, Iraq has the 5th largest output of oil but since Bush invaded oil output has drastically reduced in the country. Oil prices are more in tune with political climates than its avalibility in the natural state. When 9/11 happened the oil price went up, when Bush invaded Iraq the oil price went up, when Isreal attacked Lebannon the oil price when up, when the US decided that it was going to build a anti missile unit in Poland, the oil price went up. America is an importer of oil; in other words it relies heavily on other countries to supply it with the oil it needs, the UK is both importer and exporter but Russia, Middle East and all those countries that America have 'issues' with are all exporters. New reserves of oil are being found on a daily basis, some with life expectancies of 10years, some with more, some with less. The increase in technological advances have allowed us to increase production of oil but the ability to drill for it in the first place is governed by world politics. The amount that is left, who knows, many areas of the planet have yet to be discovered and explored so your guess is as good as mine in this instance.

Answer 3

Even allowing for us to get at and use the currently hard to get at or use oil supplies, including all of the shale deposits and deep ocean drilling, and given the present rate of consumption (not even factoring in an almost certain increase), the world's oil will be permanently gone by 2120.
So, practically speaking, the 'oil' will hit the fan even sooner.

Answer 4

wars are bound to happen before oil reserves run out.

Answer 5

my chemistry text book says in about 100 years

Answer 6

Until they run out.

Year...2121