Have we reached peak oil by now?

Question

What I mean is when we reach the point where we take as much oil out of the Earth as we consume,then the supply dwindles,meaning there's more demand than supply of oil.

Answer 1

If we're not at the peak, we're very close to it. Most countries that produce oil produced more in the past: the US, Mexico, Saudi Arabia, etc. We might be a few years away, but we are certainly not a hundred years, and probably less than 10. For more information check the website http://www.theoildrum.com/ or the books Beyond Oil: The View from Hubbert's Peak by Kenneth Deffeyes or Twilight in the Desert by Matthew Simmons.

Answer 2

Yes and no - it all depends on the price of oil.We have used up most of the world's supply of light sweet (no sulfur) oil that is easy to recover. At a historical oil price of $20/ Bbl - we are well past peak oil. But if you consider unconventional sources such as tertiary recovery (polymer and carbon dioxide flooding), sour crudes and heavy oil deposits in Canada and Venezuela, then the world has well over 100 years worth at $60+ per Bbl.

The second factor is geopolitics. Just because OPEC nations have lots of oil in the ground, it does not mean they can or will produce enough to satisfy the world's growing demand. They are not going to invest $billions to produce too much and lower the price of oil. The five largest oil pools in the world are on irreversible declines. Most of the oil exporting nations need money and expertise to keep their fields producing, but they will not allow foreign participation.

Answer 3

I don't exatly know what you mean, but if mean are almost out of oil then I have an answer. No. We still have enough oil for 100 years.

Answer 4

not even close