Oil production in the United States peaked in 1970, and since then industry analysts have been debating just how long global oil reserves will be able to meet the growing demand. Some analysts believe that global production is reaching its peak right now.
You can read about the facts and figures regarding global oil reserves in many articles such as this, but the truth is that no one really knows how much oil is left that can be feasibly extracted. OPEC producers keep it a big secret, as they don’t want to disclose how much oil they have found or think they will find.
Some people think that the world is rapidly reaching the point where the growth in new supplies of oil cannot keep up with the the pace of oil depletion. Officials in the oil industry agree that the days of major new finds of cheap oil in well explored countries such as the US are over. There is still plenty of oil, but it is getting ever harder to find. However, as oil extraction technology develops, many prospects that were not economically feasible to develop before are now being developed. In the future, there will be prospects that are not worth developing today that future technologies will be able to handle. For instance, horizontal drilling is a new technology that means new pockets of oil that were previously unaffordable can now be extracted.
In addition to making extraction more feasible, advancements in technology is helping in the search for oil. New fields are being found in areas that were once thought to be fully exploited. For instance, 3D visualization technology now enables geologists to view underground formations to a much higher degree of clarity and detail than before.
Whilst the limits of fossil fuel exploration keep being expanded all the time, the fact still remains that the supply is finite. Technology is enabling companies to find more oil, but the ever harder methods of extraction are ultimately going to bring the price of fossil fuels up to the point where alternative methods energy production become much more viable.
This can only be a good thing. Far from the energy crises, and the ‘return to the stone age’ scenario that some doomsayers predict, the ending of the world’s reliance on fossil fuels which be a huge step for our civilization.
Although this is not a strict rule, generally the world’s most successful economies have got to where they are because of the major fossil fuels of oil, gas and coal. In the future, the world’s most successful economies are likely to be the ones that have embraced the ‘green revolution,’ and who have developed significant sources of green energy. As has been discussed, with the development of new technologies for exploration and extraction, no one knows quite how long fossil fuels will be economically feasible, but without doubt every country in the world right now should be preparing for this eventuality.
For the original story, and further information on Fossil fuels Reserves, click here
For more information, go to:
en.wikipedia.org,
fossilfuels.org
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The green revolution absolutely is here. However, as soon as the republicans come back into power, it will mostly likely be put on hold until the dems come back in again. Nice to know that china is embracing green technologies, and whilst it remains a very polluting country, it is getting much better.
August 31st, 2010 at 2:46 pm3D visualization technology is really amazing. Relatively speaking, beforehand oil compaines were searching blind. So many potential fields have been discovered since this technology materialized.
August 27th, 2010 at 3:28 pmThe ‘green revolution’ as you put it is just beginning. I think this is the first decade in which real and genuine progress is going to be made in this sector…and im not just talking development, but real mass produced economically feasible technology.
August 27th, 2010 at 3:26 pmSome parts of the world have unbelivably vast stores of fossil fuels. Take Russia for instance. It is 9 time zones long, and full of the stuff. The country is 3 times the size of the US and largely unexplored. 65 years of gas left is widely innacurate.
August 26th, 2010 at 4:31 pmWe will get to the stage in which we can still feasibly extract fossil fuels, but dont do it. Extraction technology is developing at a speed which means that we will always have something we can take out of the earth at a decent price. At the same time, however, renewables will become very cheap, and with policy are their side, well leave the toxic fossils where they belong.
August 26th, 2010 at 4:29 pmIts true that we cant really put an absolute time line on non-renewable resources. its not about whats left, but about what is economically feasable to extract, and where policy will take us in the next few years. Hopefully well get to the stage where there is still non-renewables that we can extract, but we wont do it because we will be covered by renewables
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December 3rd, 2009 at 3:09 pmFossil fuels will not be depleted in 50 years, just google tar sands, heavy oil, oil shale, gas shale!
November 23rd, 2009 at 1:45 pmThere is an alternet source. its above you. THE SUN!!!
November 13th, 2009 at 11:38 amThis is one reason why I don’t understand the big uproar about global warming. Scientists predict a .4 degree increase over a century but who cares we’ll run out of stuff to produce CO2 with after going up .2 degrees! What’s the big deal?
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October 8th, 2009 at 1:50 pmIt is a sobering thought that our fossil fuel reserves will be depleted in 50 years. We need to come up with a new energy alternative sooner than later.
February 16th, 2009 at 12:45 am