Is the world really running out of oil?

[public school boy]

Oil found within Falkland Island territorial waters. This should upset The Argintinians! Is the world running dry of this precious commodity or just lies by the oil companies to help maintain high prices or lies by the conservationists?

 

[Stoo82]

Why else do you think the evironment takes such a high priority in Government? It's because we need to use less of it, as its running low. I remember at school (10 years or so ago) they said there was 50 years left.

 

[Safe.]

Wasn't there loads of oil found in Brazil recently?

 

[fairy cakes]

I think the main problem is that the oil that is easy reach is runnning out. Venezuela apparently has one of highest amount of oil but its very difficult to reach (If i remember correctly oil has to be above $60 dollars for it to be profitable).
Plus when the ice caps melt we will be able to start drilling away.

 

[public school boy]

Can't wait til some clever cloggs finds the alternitive fuel source but our dear old chancellor will find an excuse to keep taxing us poor motorists

 

[Gully]

Wasn't there loads of oil found in Brazil recently?

Ironically on my return from South America last month I found myself sat on the plane beside a Brazilian who works in the oil industry, he was on his way first to Aberdeen and then the Falkland Islands. Having a bit of an interest in that rocky outcrop in the South Atlantic, and naturally the security of its British citizens, I asked him what he thought about the chances of there being a decent amount of oil there. His opinion, based purely on his own knowledge and not quite a finger in the air prediction, was that there could be as much as 80 billion barrels...which is equal to all the oil finds in Brazil.

He quantified this by saying that predictions are risky things at the best of times in the oil industry, but suggested that even a fraction of that could give the Falkland Islanders the sort of lifestyle that your average Gulf Arab can only dream of...just swap Land Rovers for Ferraris and penguins for camels!

 

[beorhthelm]

as said, the easy and cheap to recover oil is running out, also the good quality stuff and the known resources. there have estimates of peak oil (after which the supply will drop) being 40-50 years away from the 70's so im not sure how serious to take that. there are tar sands in north america they reckon have x times more oil than all the middle east, but its not economical and low quality (needs more refinement).

there is more economic value to non fuel uses of oil, in chemistry, pharmaceutical, materials and other industries. for this reason alone we should cut the burning of this valuable resource.

 

[Dr Q]

as said, the easy and cheap to recover oil is running out, also the good quality stuff and the known resources. there have estimates of peak oil (after which the supply will drop) being 40-50 years away from the 70's so im not sure how serious to take that. there are tar sands in north america they reckon have x times more oil than all the middle east, but its not economical and low quality (needs more refinement).

there is more economic value to non fuel uses of oil, in chemistry, pharmaceutical, materials and other industries. for this reason alone we should cut the burning of this valuable resource.

Is pretty much the right answer. The environmentalists will have field day when we seriously have to start on the tar/oil sands!

It remains to be seen if the discovery in the Falklands is economical. Funnily enough, the well that started the "ownership" issue of the Falklands a couple of months back was dry

There'd be a few more barrels of oil to go around if BP wasn't pissing it all over Lousiana at the moment too!

 

[jakarta]

How much do you want to pay for your petrol/diesel?

If you dont mind paying 3-4 times what you are at present then there is plenty of oil in the world.

It just happens to be very difficult and therefore expensive to extract.

There is also the fact that zillions of Chinese & Indians would like to drive BMWs as well as us which is going to cause it to run out a lot quicker so perhaps we should forment a nice long conventional war between them which would reduce their population by several hundred million and stop their car ownership aspirations.....

Seriously I work as a Consultant for conventional and alternative energy providers (was at a Fuel Cell Manufacturer today) and my understanding is that emerging technology will largely put the i.c. engine to bed in the next 20 years thus leaving hydrocarbons to be properly used in other industries already described rather than burned & therefore wasted.

 

[philsussex]

I think the main problem is that the oil that is easy reach is runnning out. Venezuela apparently has one of highest amount of oil but its very difficult to reach (If i remember correctly oil has to be above $60 dollars for it to be profitable).
Plus when the ice caps melt we will be able to start drilling away.

I've been to Venezuela and some of the lakes near the Orinoco are black like coca cola where the oil is naturally seeping into it (so they told us). Makes it sound quite easy to get to. But they did say something about the quality of it.

 

[k2bluesky]

Yep...........and 'Mad Max' awaits on the horizion.

 

[Trufflehound]

I think the main problem is that the oil that is easy reach is runnning out.

Exactly. There's plenty of oil out there, but most of what's left is in hard to get at places like oil sands, where you need to put in 9 units of energy just to get 10 out.

Whoosh. There goes the environment...

 

[JJ McClure]

If it is running out then perhaps BP should stop wasting thousands of barrels a day with leaking oil rigs.