How much longer will our oil reserves last?



  1. 0 Votes

    According to a 1999 report by the American Petroleum institute, we have enough oil until about 2062-2094. According to new and more precise estimated, in 2004 the depletion date was moved forward to 2057. Most countries, except a few in Middle East whose claims may be exaggerated, already passed their peak oil production, although oil consumption is projected to keep growing. By some estimates, by 2030 all of the oil production would have to come from fields that are not yet in operation, and mostly not even yet discovered. And despite all the technology advances, even the biggest oil fields found are small compared to the ones already used. To add to that, demand for oil is expected to outgrow production before 2020, possibly as early as 2015.

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