Is oil about to run out?

[Fekason]

Not everyone agrees with "peak oil" theory.

http://www.news.com.au/dailytelegraph/story/0,22049,20390685-5001028,00.html

Interesting read.

 

[vztrt]

I thought there was 50% left but it's just harder to mine.

Anyway they found new reserves.

 

[BANGERS88]

I went to a peak oil lecture last week as part of its national tour. It was by Richard Heinberg a leading oil expert. It was really quite scary, there is all ready evidence that we are into maximum production (This does not include reserves of different countries), and from here production will only go down. According to most oil experts the peak will be some time later this or next year at about 60 billion barrels per day, it will then slowly decline and by 2020 it will be declining by about 6 million bpd. He also talked about our dependancy on oil and its products, and the lack of alternatives. Very informative i thought. And as for the new reserves found they are not even a quater of the size of australias largest offshore field, and the number of new reserves being found is dropping extremely rapidly.

 

[TheForgotten]

and the world will be thrown into mass depression, with whoever has the biggest guns deciding who gets to keep the oil. not being sarcastic, when the oil runs out, the world will be thrown back to the stone age. no power, no plastic, no fuel. everything in our daily life has an oil content.
it's been on another forum for a while, but I'm sorta inclined to believe it's a scare tactic

 

[vztrt]

And as for the new reserves found they are not even a quater of the size of australias largest offshore field, and the number of new reserves being found is dropping extremely rapidly.

Yeah i went and checked the findings. It's small and would be a new record to drill thet deep.

 

[deserthead]

Are you all really so stupid to believe that for one, the world will stop when "the oil runs out" and that they dont already have other means availiable and have had for years, but y bring out soemthing when there is still money to be made on oil.

Who cares if oil runs out, there'll be something else, and besides thatm you all will use what ever they tell u to use anyway. . . . .

 

[qwertsta]

I dont believe in peak oil, i was told 100 year's ago they said we where in peak oil crisis. I also heard indonesia and east timor is sitting above a huge amount of oil. I still believe their is plenty of oil out there somewhere what hasnt been found yet.

 

[BANGERS88]

I dont believe in peak oil, i was told 100 year's ago they said we where in peak oil crisis. I also heard indonesia and east timor is sitting above a huge amount of oil. I still believe their is plenty of oil out there somewhere what hasnt been found yet.

the technology avaliable these days for finding oil is extremely advanced, drills are able to get to a depth of about 2-3km. most of the indonesian reserves have been drilled for a while now. But they are small compared to the middle east reserves. As for the theory that it replenishes itself, that is true except the time frame is of a geological scale. Our coal and oil fields that we use today were formed in the Carboniferous era which was about 280-350 million years ago when the earth was heavily vegetated.