There may be good reasons to get off oil -- environmental, national security -- but the notion that we are about to run out of it suddenly and immediately isn't one of them, according to a new report from Cambridge Energy Research Associates (link via the Browser). Says the report: "frequent claims—that 'half of global oil reserves have been produced,' 'global reserves are not being replaced on an annual basis,' and 'deepwater exploration is essentially exhausted'—are questionable." It goes on to explain that "Hydrocarbon liquids—crude oil, condensate, extra heavy oil, and natural gas liquids—are a finite resource; but based on recent trends in exploration and appraisal activity, there should be more than an adequate inventory of physical resources available to increase supply to meet anticipated levels of demand" until 2030. After that, "supply may well struggle to meet demand, but an undulating plateau rather than a dramatic peak will likely unfold....the view that oil supply will plummet after the inflection point and oil will run out, like the gasoline in an automobile, is misleading for the layperson."
Oil Until at Least 2030