We hear that the world is running out of oil. But then we read that we have 40 more years of supply with known oil reserves. Who is correct?
Actually, a more immediate danger to world oil supplies are some of the largest oil producing countries, such as Venezuela which is artificially limiting production. And Russia is changing contract terms with foreign oil companies once reserves are identified by expensive drilling.
And ‘The Economist’ says we have 40 more years of oil reserves before any new discoveries.
For some details on this important subject click on the oil links to the right.
When geologists say ” we have 40 more years of supply with known oil reserves” they mean the conventional way of exploration however, there are new unconventional methods such as H-C in tight sandstones, gas in coal bed methane, shale gas are beyond those classifications. I am sure 40 years will be multiplied by 4 or 5 folds when unconventional methods will be applied all over the world in the near future which is already started in the USA especially in the Barnett shale in Texas..