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    I can't say I'm sure about this. 90%+ of people say that it will run out and I've been doing research in it because I am doing it for a school project but all I can find a literally hundreds of stories about how it will eventually run out and most of these give dates ranging from a few years to a few centuries but then I found this one article http://peaktimesonline.wordpress.com...orld/#more-209 which basically went against everything most people said and now I am not so sure whether it will or not. What are you guys thoughts?
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    Use academic or at least reputeable sources.

    A wordpress website is not either.

    It is impossible to say when it will run out because it is very strongly tied to consumer consumption. If the millions of Chinese decide that rather then saving they would like to buy more goods (energy, oil is sometimes burnt for this) or use new cars (direct consumption) etc...it will spike up oil usage massively.

    The usage of oil will change over time as it becomes more expensive. More emphasis on its use in pharmaceduicals in the future than as an energy supply in the present.

    You probably already know but OPEC is a cartel that limits oil-production amongst its member states based on their claimed reserves. This creates an incentive to lie about your reserves in order to get allocated higher production quotas. There is probably less oil in OPEC then claimed, although there's important energy states outside of OPEC such as Russia where this does not apply.

    However, if you want extra marks for your essay I suggest you make the point that it is not when oil runs out, but when it no longer becomes cost effective to extract more oil that will propel us into a new epoch of energy usage.
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    (Original post by goofymark13)
    I can't say I'm sure about this. 90%+ of people say that it will run out and I've been doing research in it because I am doing it for a school project but all I can find a literally hundreds of stories about how it will eventually run out and most of these give dates ranging from a few years to a few centuries but then I found this one article http://peaktimesonline.wordpress.com...orld/#more-209 which basically went against everything most people said and now I am not so sure whether it will or not. What are you guys thoughts?
    Of course not they are having a laugh at our expenses. It is a massive hoax and it will last for an indefinite time.

    /Sarcasm.
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    of course it is... there is not an oil factory producing more
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    (Original post by goofymark13)
    I can't say I'm sure about this. 90%+ of people say that it will run out and I've been doing research in it because I am doing it for a school project but all I can find a literally hundreds of stories about how it will eventually run out and most of these give dates ranging from a few years to a few centuries but then I found this one article http://peaktimesonline.wordpress.com...orld/#more-209 which basically went against everything most people said and now I am not so sure whether it will or not. What are you guys thoughts?
    See above. Don't seriously compare a wordpress site with legitimate academic sources.
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    (Original post by goofymark13)
    I can't say I'm sure about this. 90%+ of people say that it will run out and I've been doing research in it because I am doing it for a school project but all I can find a literally hundreds of stories about how it will eventually run out and most of these give dates ranging from a few years to a few centuries but then I found this one article http://peaktimesonline.wordpress.com...orld/#more-209 which basically went against everything most people said and now I am not so sure whether it will or not. What are you guys thoughts?

    They recently set it up, and it says at the bottom its not an unbiased view and a rebuttal to the article will be coming shortly.

    "Peak Times"
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    (Original post by goofymark13)
    Is Oil really going to run out?
    No, it's an unlimited resource.

    [/sarcasm]
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    I wasn't comparing the wordpress site to anything. I'm just saying that the argument it presents at the end kind of makes sense to me in a way
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    Just remember it is in the interests of oil laden countries if it is running out. Also remember that America has vast unexploited reserves. Also remember that oil was running out thirty years ago. Make what you will.
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    Every natural resource is going to run out, eventually.
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    If we discover a method of forming oil from C02 or other compounds then I doubt it, but meanwhile yes it is likely to run out, it isn't infinite.
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    (Original post by RyanT)
    Use academic or at least reputeable sources.

    A wordpress website is not either.

    It is impossible to say when it will run out because it is very strongly tied to consumer consumption. If the millions of Chinese decide that rather then saving they would like to buy more goods (energy, oil is sometimes burnt for this) or use new cars (direct consumption) etc...it will spike up oil usage massively.

    The usage of oil will change over time as it becomes more expensive. More emphasis on its use in pharmaceduicals in the future than as an energy supply in the present.

    You probably already know but OPEC is a cartel that limits oil-production amongst its member states based on their claimed reserves. This creates an incentive to lie about your reserves in order to get allocated higher production quotas. There is probably less oil in OPEC then claimed, although there's important energy states outside of OPEC such as Russia where this does not apply.

    However, if you want extra marks for your essay I suggest you make the point that it is not when oil runs out, but when it no longer becomes cost effective to extract more oil that will propel us into a new epoch of energy usage.
    what will happen to organic chemistry and pharmacy once oil runs out?
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    (Original post by BartholomewVarath)
    If we discover a method of forming oil from C02 or other compounds then I doubt it, but meanwhile yes it is likely to run out, it isn't infinite.
    That wouldn't work even if you could as you would have to put energy into the reaction to convert CO2 back to oil.
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    Cold fusion, brothers. You'll know we're running out of oil when they work out how to do it.
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    Unless the earth is so full of oil and coal that we choke on our own pollution before using it all up - yes.

    Personally I'm half-glad it's drying up, the generation before us has got us into such an oil dependency.. It's insane. Of course it'll be messy when we DO run out, but necessity is the mother of invention.. we'll figure something out.
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    (Original post by Computerised)
    That wouldn't work even if you could as you would have to put energy into the reaction to convert CO2 back to oil.
    Oil isn't only used as fuel. I agree it wouldn't be very practical to use it as a fuel, but for other uses like plastics and pharmaceutical purposes it could work.
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    (Original post by BartholomewVarath)
    Oil isn't only used as fuel. I agree it wouldn't be very practical to use it as a fuel, but for other uses like plastics and pharmaceutical purposes it could work.
    It's uses such as those I'm more scared about losing that it's use as a fuel.
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    (Original post by goofymark13)
    I can't say I'm sure about this. 90%+ of people say that it will run out and I've been doing research in it because I am doing it for a school project but all I can find a literally hundreds of stories about how it will eventually run out and most of these give dates ranging from a few years to a few centuries but then I found this one article http://peaktimesonline.wordpress.com...orld/#more-209 which basically went against everything most people said and now I am not so sure whether it will or not. What are you guys thoughts?
    No. Oil will never run out, according to the basic economic rules. As more and more of it is depleted, it becomes more and more expensive to extract. Eventually, at some point the cost of extracting any more oil will be less than or equal to the revenue you can get from selling it. Of course, as supplies decrease, oil prices will increase. You could be forgiven for arguing that this increasing price will continue to justify 'digging' more out. But before that point, alternatives to oil will be less expensive than extracting that next lot of fuel - we will simply leave it in the earth.
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    (Original post by goofymark13)
    I can't say I'm sure about this. 90%+ of people say that it will run out and I've been doing research in it because I am doing it for a school project but all I can find a literally hundreds of stories about how it will eventually run out and most of these give dates ranging from a few years to a few centuries but then I found this one article http://peaktimesonline.wordpress.com...orld/#more-209 which basically went against everything most people said and now I am not so sure whether it will or not. What are you guys thoughts?
    Did you even read that article? It is entirely correct and does not actually contradict people saying 'oil will run out'. The meaning of that quote is that oil prices will become so high that it is no longer feasible to extract it from the ground, ie. there may still be a litre of oil somewhere in the ground but it will cost so much money to take out that nobody will actually bother.

    That is exactly what the article is saying. There is very little more to add other than this.
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    ...There are proven reserves for the next 50 years according to most reputable estimates.

    Yes its a finite resources it will run out...will it run out soon though? Unlikely, in the 60s everyone thought oil will run out in 15 years and its almost always fluctuated around that figure for the past 40 years yet look where we are now - The world is more dependant on oil than pretty much any other energy source.
 
 
 
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