It will eventually if we keep using at the rate that we do. However, new technologies, biofuels and hybrid vehicles will likely slow the rate of depletion considerably.
Hybrid vehicles will probably actually increase the use of natural gas. At present, natural gas is used mostly for home heating, industrial fuel, and electricity generation. So hybrids – whether using liquefied natural gas or electricity, will likely drive up consumption of natural gas. Biofuels will most likely be used as alternatives to gasoline and other liquid fuels for transportation, so their increased use will not impact the supply of natural gas unless such biofuels reach the point where they can be used for home heating and the other main uses of natural gas, which seems unlikely given the huge demand for cars that would take precedence.
In recent years significant new natural gas reserves have been discovered. It is not clear whether or not their production will be sustainable for more than a few years – some say the new shale gas fields will deplete quickly (a few years, like less than 5), others say it’s a resource that will supply natural gas for 15 or more years.
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