How much oil supply is there now left in the world and how long will it last?
- DiggyLv 51 decade agoFavorite Answer
i don't know, i think experts are skeptical. but there is a general agreement that peak production has been very recent like 2000-2001. its hard to tell now that we are right at that point where production is leveling off and showing signs of declining. arab states may be able to open up the taps more and the US could drill up in alaska, but those are two big question marks.
while production is slowing, demand is climbing. the US burns more fuel than it did the year before and china and india are rapidly growing. that is why gas prices are high and alternative energy is so crucial.
we don't know how much longer the oil will last. 50-100 years? i'm no expert, just a casual observer.
- BrianLv 71 decade ago
I'm not sure exactly how much oil is left in the ground but in theory we should never run out. As wells dry up it will become more expensive to find and retreive new oil or the supply will go down. This will cause prices to rise and will continue as wells dry up. At some point people simply wont use as much oil based products. Other forms of energy and the costs of developing new energy sources will become competitively more advantageous. At some point it simply will not be profitable to drill for oil and sell it.
- Anonymous1 decade ago
We are at peak oil production and the corporate government is now in it's stance to secure the last reserves so the oil companies can drip out the very last drop till we reach the bitter end--
- Anonymous1 decade ago
Oil is endless, it comes from the Earths core. The problem is the refining of the oil into gasoline, the oil companies wont build more, or new refineries to produce more fuel, and that allows them to control the price.
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- billy dLv 51 decade ago
To be sure there is at least another seventy years left. That is agreed upon by practically every major oil company and geologist who takes a serious interest in that field.
- honeybLv 41 decade ago
There's no way to get an honest answer to that question. They would never tell us so that they can keep us paying these high *** gas prices. They would make us think we're running out before letting us believe we're okay