How Big, Exactly, Is The Supply of Fossil Fuels?
#spacer{clear:left}#abc #sidebar{margin-top:1.5em}zSB(3,3)In We Will Never Run Out of Oil I argue against calculations that oil will “run out” in some specific year: Predictions that we will run out of oil after a certain period of time are based on an ignorance of the economic way of thinking. The typical way to estimate the number of years it will take us to run out of oil is to consider the following factors: • The number of barrels we can extract with existing technology. • The number of barrels used worldwide in a year. The most naive way to make a prediction is to simply do the following calculation: Yrs. of oil left = # of barrels available / # of barrels used in a year. My specific argument was largely about point #2 – that the amount of oil we use is determined by the price of oil and as the price of oil rises, alternatives will become more economically feasible. A recent article
