There are 1.65 trillion barrels of proven oil reserves in the world as of 2016.
The world has proven reserves equivalent to 46.6 times its annual consumption levels. This means it has about 47 years of oil left (at current consumption levels and excluding unproven reserves).
This means that the oil is going to run out in our lifetime
Source/more reading: https://www.worldometers.info/oil/
Update: It is infact not true (or just partially true), because it only considers already known oil reserves that can be pumped out with current technology.
There is more oil that can potentially be used as technology and infrastructure advances, so the estimate of 50 years is wrong.
For the correction thanks to Cephalotrocity@biglemmowski.win (their original comment)
I remember when they said there were 30 years left in the '90s.
Yeah, not trying to poke holes, but I was hearing “less than 50 years left” when I was in school in the 2000s. I do remember seeing a post here and there about new oil reservoirs being discovered but never any follow up. So I suppose that could be stretching things out. But oil use certainly hasn’t decreased in the last 25 years.
By 2050, there might even be 70 years of oil left!
The way things are going we’re all going to be dead before it gets to that point
Probably because of all the dipshits in this thread specifically, acting like we don’t need to stop extracting and using oil.
And it could be caused by nuclear fallout before climate change gets critical
At the current rate of oil consumption there are only 15 years left in the world. So it’s fine.
This thread is filled with people who don’t grasp what a finite resource is. Saying “I remember hearing that x years ago”. Sure there’s probably more it there somewhere, but we don’t need to have to the finish on this. There are are kids who are going to grow up, people who aren’t born yet. Hell, at current rates, we might fuck up things with climate change. Which, even more reason to use less.
Call me selfish, but I want my nieces and nephews, to be able to grow up into a prosperous world and not some weird dystopian hellscape.
I think our point is that we don’t know if this is a good prediction or not. They both keeps crying wolf.
We’re not cheering for it, we’re just skeptical.
Skeptical of what? That it’s finite? Or how much is left? Or that climate change is real?
Because I’m definitely seeing people who think we have unlimited oil, that there’s always going to be more, and that climate change is not only a hoax but isn’t caused by humans at all. Some of those folks are in this thread, some of those folks I know in real life.
Skeptical of the timeline prediction, you disingenuous git.
I believe prices will increase dramatically long before we actually run out. Any non-critical usage of plastics and petroleum products will be phased out for economic forces if nothing else.
The trick is figuring out how to make that happen. Today.
You could easily argue that practically non-existent passenger trains and slow adoption of EVs in the US is primarily caused by cheap gasoline. Maybe if we fixed prices to be higher, we’d be able to make the progress we need
I believe gasoline is indeed heavily subsidized. I always thought that was a strange choice.
I was in Norway a few days ago and I was impressed how pretty much all the vehicles I saw were EVs and that the bus system appeared to be relatively efficient.
Yeah don’t bother thinking about the future. The market will sort it out. Just go buy some shit.
It actually gives me hope that there’s a chance we’re going to do something about it.
Honestly we’ve known peak oil would occur in our lives for several decades. Not that you could tell by any project to prepare for such an event.
The disconnect between the general public and the realities of the petroleum industry may be the largest gap in existence. Pretty much any article you read gets 99% of the info hilariously wrong as the journalist has no idea wtf they’re talking about.
“The report says we can release 565 more gigatons of co2 without the effects being calamitous.” “It says we can only release 565 gigabytes.” “So what if we only release 564?” “Well, then we would have a reasonable shot at some form of dystopian post-apocalyptic life, but the carbon dioxide in the oil that we’ve already leased is 2795 gigatons so…”
Point being, we already have oil we haven’t burned yet that will shoot us far past any limits we’ve pretended we’ll adhere to, and yet we’re still looking for more oil to dig up. How can this end well?
There was 50 years worth of oil left 20 years ago too
I’ll be 91. I’m sure I’ll have bigger problems by that point.
…such as having been dead for the past 49 years!
Congrats on reaching 91!
This means that the oil is going to run out in our lifetime.
Well, not in mine. So good luck with that!
I’ve heard this for my whole life. Oil runs out in X years, until they develop affordable ways to dig deeper and get at more
Cheapest oil runs out in x years. Mid cost in y years. Expensive in z years. Then we get into “manufactured” oils.
Oil isn’t going to run out, it’s just going to get more expensive.
I was curious how best to cut down on our usage, if we’d be aggressive, how long we could make our oil last.
From the EPA, seems the like roughly 40% of an oil barrel ends up being used to create gasoline source. The transportation sector accounts to 2/3 of our total oil consumption. In the transportation sector, roughly 54% of energy is used just for passenger cars. source
If everyone in the world stopped driving gasoline cars and switched to a 100% renewable option, we would only cut our oil production by about 36%. That changes the timeline from 50 years to 78 years.
Pretty saddening to think about. Hopefully some technology improvements for oil recycling come around quickly
I wish it would run out much sooner. Burning fossil fuels is responsible for 20% of all deaths in the world.
They’ve been saying this for 50 years at least.
