Read this quote below about oil, somebody recently replied on a post that oil will never run out.
What will our next generation of OUTBOARDS/INBOARDS be fueled with?
This was a reply to a post about diesel alternatives,I am just quoting it to highlight a misconception we have about proven reserves , and a real problem thats out there!
Run out of diesel and petrol? NEVER!!! Oil is cheaper now than it has ever been - it's the bloody taxes that cripple! Remember diesel or petrol can be had for as little as 14p per litre wwith NO duty at all.
They seem to be finding new oil reserves all the time - oil will never run out but it may one day get to the stage where it's not economically viable to obtain - that will be a long way away.
Old oil fields actually replenish themselves to a certain extent as oil seeps back into the chambers. More of a worry is the CO2 being emmitted by ALL fossil fuels.
Of course the greens have the perfect answer - wind power............ oh and us all living in caves andd not using any energy!
How long will it last?
Using these data (estimated reserves: 800 billions of barrels, world consumption: 76 millions per day), it looks like planet Earth has have oil for about 10,000 days, i.e. about 27 years. Assuming that consumption does not increase... If consumption increases an average 5% a year, then we have oil for about 15 years. But the US Geological Survey estimates the amount of oil that is still to be found at about 3 trillions, three times the oil reserves known today (it is not clear if "all" that oil can actually be pumped to the surface and therefore used).
But it has to be found first!