is now being consumed roughly four times faster than it is being discovered.
Notwithstanding, no amount of new discoveries can eliminate Peak Oil
of a finite resource is simply a finite venture, and the faster we use the quicker it peaks.
It took between 50-300 million years to form the world’s oil reserves.
It took about 125 years to burn nearly half (1 Trillion Barrels) of it.
We’ll use the next trillion in about 30 years.
However, we’re not running out of oil itself, but rather our ability to produce high-quality, cheap
, and economically extractable oil, on demand.
Just as the Stone Age didn’t end because of the lack of stones, so the Oil Age won't end due to lack of oil.
The issue will become lack of further growth, followed by gradual, then steep decline.
(OK - I know it's an inaccurate analogy - but it's kinda catchy)
While there is no broad agreement yet on the exact
date that world oil production will peak, the degree of consensus among experts is quite remarkable. Out of 21 studies, the statistical mean date was 2013.
Nuclear fusion may be the kind of energy that the world needs.
However, mastering it has been about 20-25 years away, for the past 50 years, and still is...