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The initial scenarios IIRC for the known reserves of the USA, Saudi Arabia and Russia were to run out in about 50 years, at that point if we haven't found a bet
by stevenwoo 9y ago
The initial scenarios IIRC for the known reserves of the USA, Saudi Arabia and Russia were to run out in about 50 years, at that point if we haven't found a better power source our grandkids could use coal to make petroleum like Germany in WW2.
https://en.wikipedia.org/wiki/Coal_to_oil https://en.wikipedia.org/wiki/Coal_to_oil
On the otherhand fracking probably changed that timeline for Canada and the USA with the tradeoff of freshwater for oil so we'll have to wait and see how that turns out and moves the end date for our estimated petroleum reserves.
- mobilefriendly 9y agoOil reserve estimates are always wrong because they don't dynamically account for even slightly higher prices spurring innovation and exploration. The world has more oil reserves today than at any time in history. Oil won't be displaced by "running out" but by even faster innovation in renewables. (And by carbon taxes.)