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Will Oil be Gone Soon?

Societies in the past managed without it, and we may have to learn to do so as well. Is oil something that we won't ever run out of, or is it something we'll run out of SOON? We know one thing: it's something that we fight wars over, and this argument has yet to be settled.

In the August 3rd edition of the Independent, Steve Connor writes that "Many governments appeared to be oblivious to the fact that the oil on which modern civilization depends is running out far faster than previously predicted and that global production is likely to peak in about 10 years, at least a decade earlier than most governments had estimated." He goes on to says that "The first detailed assessment of more than 800 oil fields in the world, covering three quarters of global reserves, has found that most of the biggest fields have already peaked and that the rate of decline in oil production is now running at nearly twice the pace as calculated just two years ago."

Connor quotes economist Fatih Birol as saying, "One day we will run out of oil, it is not today or tomorrow, but one day we will run out of oil and we have to leave oil before oil leaves us, and we have to prepare ourselves for that day. The earlier we start, the better, because all of our economic and social system is based on oil, so to change from that will take a lot of time and a lot of money and we should take this issue very seriously."

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Art credit: Dreamstime.com

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