How much oil is left in the world? When will oil run out?
Following the previous post of when will fossil fuels run out, we will now look at oil. Oil is very often the western world’s obsession. It powers our cars, harvests and transports our food, and allows is to go on holiday’s abroad which are such a common part of modern life for most people in the developed world these days. The question is then, in order to assess how long the human race can carry on its obsession with oil and when to seriously start using and developing alternatives, how much oil is left in the world? And when will oil run out?
How much oil is left?
The amount of oil left in the world is predicted to be around 1.2 trillion barrels of oil. More oil is likely to be discovered, but declines in oil supplies are currently outpacing newfound oil supplies according to National Geographic; this means that supplies are dropping. In 2008 production from the world’s mature oil fields was declining at a rate of 6.7% a year. This is likely to get worse over time. 1.2 trillion barrels of oil may sound like a huge amount, which it is, but the problem is that the human race consumes a huge amount at the same time, with oil stocks declining and levels that are outpacing demand. Many observers believe the day of peak oil production has passed, and other optimists estimate it will only be a matter of years before we pass peak production. 1.2 trillion barrels means that oil will run out in 44 years based on current usage figures. Although is it predicted that the time when oil will run out will come sooner due to the increasing usage and demand in the developing economies of the world, especially in China and India, where usage has increased dramatically in the past decade. Some estimates estimate that oil will run out in as little as 25 years, others say there is enough oil left in the world to last for 40 years. There is no definite date, but it is imminent.
As well as the threat on the impact of our daily lives like not being able to run a car as we did or the possibility of having to change our levels of usage of electrical products, there is a wider political factor here; the dwindling stocks of fossil fuels are likely to create conflicts in the future between nations seeking security of their fossil fuel reserves. This will be discussed in more detail in the future.
Tags: Carbon Emissions, carbon footprint, Fossil Fuels, reduce carbon footprint