So take BP's number with a grain of salt, but remember this is a finite resource. It will run out eventually. And if we don't invest in alternative energy sources, we will be completely screwed. In the meantime it probably won't hurt to stockpile gasoline, muscle cars, homemade armor, and start thinking about what hairstyle you want in the wasteland.
The A. By Patrick George. Oil and petroleum products. Diesel fuel. Heating oil. Also in Oil and petroleum products explained Oil and petroleum products Refining crude oil Where our oil comes from Imports and exports Offshore oil and gas Use of oil Prices and outlook Oil and the environment.
Also in Gasoline explained Gasoline Octane in depth Where our gasoline comes from Use of gasoline Prices and outlook Factors affecting gasoline prices Regional price differences Price fluctuations History of gasoline Gasoline and the environment. Also in Diesel fuel explained Diesel fuel Where our diesel comes from Use of diesel Prices and outlook Factors affecting diesel prices Diesel fuel surcharges Diesel and the environment.
Also in Heating oil explained Heating oil Where our heating oil comes from Use of heating oil Prices and outlook Factors affecting heating oil prices. Hydrocarbon Gas Liquids. Natural gas. Also in Hydrocarbon gas liquids explained Hydrocarbon gas liquids Where do hydrocarbon gas liquids come from? Transporting and storing Uses of hydrocarbon gas liquids Imports and exports Prices. Also in Natural gas explained Natural gas Delivery and storage Natural gas pipelines Liquefied natural gas Where our natural gas comes from Imports and exports How much gas is left Use of natural gas Prices Factors affecting natural gas prices Natural gas and the environment Customer choice programs.
Also in Coal explained Coal Mining and transportation Where our coal comes from Imports and exports How much coal is left Use of coal Prices and outlook Coal and the environment. Renewable sources. Renewable energy. This idea has remained in the collective consciousness as the Peak Oil theory, according to which the production of oil, as a finite resource, will peak at some point and ultimately decline and deplete.
According to some researchers, Hubbert included, Peak Oil is already behind us, and we are now living in a decline. So, how long before we run out of fossil fuels?
At the current rates of production, oil will run out in 53 years, natural gas in 54, and coal in Other researchers, organizations, and governments have different deadlines for fossil fuel exhaustion, depending on the data and assumptions that they make, as well as political affiliation and interests.
While we know for sure that the exploitation of fossil fuels is limited, estimates can vary wildly because new deposits are sometimes found and new technology enables access to previously untapped oil or gas fie lds or allows more efficient extraction. So, the challenge in estimating a timescale for fossil fuel depletion lies in the fact that new resources are added fairly regularly.
A report issued by the Energy Information Administration concluded that the United States could only access 32 billion barrels of oil reserves and trillion cubic feet of natural gas reserves.
But from then to , the country extracted 84 billion barrels of oil 2. His prediction that the United States would peak in oil production in actually came true although it peaked 17 percent higher than he projected, and its pathway since has not followed the bell-shaped curve he predicted. Most attempts have, however, been proven wrong. Meanwhile, actual global oil production and consumption continues to rise.
The difficulty in attempting to construct these curves is that our discovery of reserves and technological potential to extract these reserves economically evolves with time.
If we look at trends in proven fuel reserves, we see that our reported oil reserves have not decreased but increased by more than 50 percent, and natural gas by more than 55 percent, since
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