How much longer is the world's supply of oil going to last?

Question

Seeing how all cars, jets, machines, and houses are using billions of gallons of oil a day, for how much longer is the world's supply of oil going to last?? Since its a natural resource and can not be replenished, we have to start using an alternate fuel source real fast! And with all this Technology that our govt. has, why cant we get off oil and readily push the use of Hydrogen cell fueled cars or invent some other alternative??

Answer 1

I must agree with all the answers so far. The bottom line is this: our oil resources are absolutely finite. There is just so much and there is no more. Once it is gone, it is gone. I agree that hydrogen is our best bet right now, however as long as the "oil interests" hold us captive to consuming their product, why put their profits into developing alternate fuels when, for the time being, there is oil? Thank you capitalistic society for providing us with our own destruction! The technology has been there for decades. But as long as there is oil, why bother using the technology? Bottom line is profits now and the future be damned! Don't forget our Pres. George Bush and his entire cabinet all have interests in the coal and oil industry! Where do you think Bush got his money in the first place? Oil? Yup.

Answer 2

Estimates are 5,370,624,000 gallons per day or 1480 barrels a second (42 gals/bbl) Major oil companies are investing huge amounts of monies into the development of alternative energy sources because they know that the natural resources are going to run out at the rate they are being used up. Also, oil is used to make many other things besides fuel, like plastics, New findings of oil are made everyday but consumer demand will outrun the production of oil from all sources and then the price of oil will really climb out of sight. Also, refineries will not be able to keep up with demand. Right now there are many new types of alternative fuel sources and solar/wind/atomic, but the cost of these will soon become more in line with the cost of oil as the oil prices climb.

Answer 3

I think you are going to run into issues with this. The reason that you get so many conflicting reports and different answers on this topic has much more to do with economics than what's in the ground.

Basically, when an oil field is produced, it has to be profitable. Well, as demand growns and supply drops, price increases and fields that were unprofitable become profitable. For example, the Albertan oil sands and Utah/Colorado oil shales are now being investigated for production, and 10 years ago that was unimaginable.

There are vast reserves of organic material that have petrolium potential. The problem is, all the easy fields are gone, and it gets harder and more expensive. Basically, anyone's 'peak oil' estimate is not much more than that, a guess. It's impossible to know how the market will react in the future and how many currently unprofitable fields will be opened in the future with great profit. Take any estimate with a grain of salt.

Below are some American Association of Petroleum Geologists (AAPG, I'm a member!) links to these issues. If you look at their site more, you may find more info you need. Good luck!

Answer 4

rhsaunders is right. They have been saying we are running out of oil since the 1800s. With improving technology we always find more. The answer is that we will never run out. There is a finite amount but we haven't even come close to exhausting the reserves. Once the reserves are used up, assuming no other reserves are found, then we will use the expensive stuff. In reality, additional reserves have always been found. Even in the face of people always saying we are running out, the reserves have increased, not decreased, in spite of the fact that we are using more. I think there are vast reserves that are untapped below the known reservoirs. It will be more expensive but it will be available. There is probably a thousand years of oil left that is relatively easy. Beyond that it becomes more difficult. I would be surprised if we don't have alternatives by then so the bottom line is that we probably never will "run out." It is a myth.

Answer 5

Actually, nobody really knows. Only God knows. As the present reserves of oil is consumed much more is discovered.

There are at present workable fuel cell technologies that can replace fossil fuel to power the future. The problem is that not much support were given by governments in research. Lots of inventions were discovered to harness cheaply hydrogen. But these inventions were bought by oil producers just so that they will not be mass produced to replace the oil. They are afraid that demand for oil they produced will greatly be reduced.

Answer 6

The world's remaining supply of oil has been estimated to last another 30 to 40 years -- for the last century or so. As for hydrogen, it is for several reasons impractical as a replacement vehicle fuel, of which the most important is cost. If we had a source of free hydrogen, the best thing to do with it would be to combine it with coal to make hydrocarbon fuels. (This has actually been done.)

Answer 7

the people in control of the governments and media want us all to believe we are running out of oil, so they can seem more important and also charge more for it. but actually there is more than enough oil for indefinite use. see article link below.
oil also is not an organic substance made from rotten dinosaurs. it is a natural element. see second link.
thirdly, even if we did run out, we could use any of the technologies that have been suppressed by the petroleum cartel over the decades. see third link.

Answer 8

I don't know, I remember back in the 1970's they said we would run out by the year 1990, we seem to keep finding more, some speculate that the earth actually makes oil. Its not really a fossil fuel

Answer 9

It will last as long as we want it to. If the powers that be see that their lives are more important than their money we will see alernative power in the next few years and the Oil etc will last forever. If they dont and they use it all....global warming will cause effects that will lead us into a global thermo nuclear war and it will be finished. Geesh....glad I see the glass half full , thats depressing.

Answer 10

The initial load is estimated to be 60 mi^3 and we have burned through more then 40 mi^3. Ragnarok is assuredly by 2050.

Petroleum as fuel is mere convenience. Take away petrochemistry and the entire First World collapses (e.g., plastics, solvents, and pharmaceuticals).

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