Sunday, 3 February 2008

The oil will not run out anytime soon

Some claim that the oil will run out soon. Actually it has been claimed for almost fifty years that the oil will run out within 25 years. There are two reasons for this, more oil is found and technology changes make more of the oil available for economically beneficial extraction.

What will happen is however that oil prices will rise as extraction of oil gets more expensive. There is much more oil in the earth than that which is extracted today, for example there is oil in minerals in the ground and deeper in the sea.

So to all with environmental concerns, thinking that the lack of oil will force environmentally friendly technologies to be used; this is far away. Maybe the increasing prices will hurry up the search for environmentally friendly fuels, but it will not be the most important force. Action to minimize global warming needs to be taken much sooner, actually it should have been done yesterday.

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