11/15/2004

How much oil is left?

Many people wonder how much oil remains to keep up with our increasing demand. An article discussing this very subject indicates that no one can effectively predict this.

I propose that we will never run out of oil. Higher oil prices will eventually reduce demand as consumers choose more efficient cars and energy producers develop alternatives like wind power. When the cost of finding and extracting oil becomes higher than the consumers willingness to pay for it, the oil producers will not be able to make a profit and they will be out of business. This indicates that we will never completely deplete the oil supply.

6 comments:

Janet said...

Running out of oil is not something that we have to worry about in our lifetime. Our children, grandchildren and even great grandchildren may not even have to deal with it. Eventually we will run out of oil. If other ways are found that oil is not needed they of course we will not run out. But as of right now it is easier to use oil in cars and society loves taking the easy and cheaper way out.

Bruce Banner said...

Eventually we will suck the world dry of oil. I don't think it will happen in my life time. As technology in alternative fuels becomes more available, the less oil we will use, but eventually I think it will run out.

natty said...

I still don't believe that we will ever run out. When the cost of finding and extracting oil becomes too high, we will move on to another source of energy. This will happen before we run out.

Bryce Larkin said...

I agree with this article. It is about time someone else thinks like this. Back in the 70's people thought we would run out of oil, but magically we still have oil. Companies are always finding more oil and if supply slow down, and then the price will go up. I believe supply and demand will help fix the oil market. If prices get to high people will invent transportation that uses less or no oil.

Maudi said...

I think that we will eventually find and use all of the oil reserves on the earth. However I believe that with all of the alternative resources that are being thought up Oil will soon be a thing of the past. Crises such as the oil crises are not challenges that the Human race has never faced. With modern day talent and enginuity it is rediculous to say that there will never be another fuel source as good as oil. We must not forget all of the things that man kind has done. when looked at in the big picture the oil issue is only a drop in the bucket.

Dr. Tufte said...

-1 for spelling mistakes in Bruce_Banner's and Maudi's comments.

Jasmine ... you'd make a good economics major (if you aren't one already)!

One of my favorite quotes of all time is from Sheik Yamani - who was the head of OPEC at its peak of power. I'm paraphrasing: "The stone age did not end for lack of stones, and the oil age will not end for lack of oil." The upshot is that something else will come along when it becomes cost effective. Think about it: is there anything that people used to use, that they no longer use because it is all gone?