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According to your links, worldwide consumption of oil is 100 million per day. That’s 40 years of supply if consumption stays steady. How long will current gold
by mikeash 7y ago
According to your links, worldwide consumption of oil is 100 million per day. That’s 40 years of supply if consumption stays steady.
How long will current gold reserves last?
- Fjolsvith 7y agoLook again: "World Oil Consumption measures the number of barrels that are consumed worldwide on an annual basis. It is an indicator released by BP. This metric tends to trend upwards except for a small dip in the 1980s and 2010. Interestingly enough, 2010 was also the time that Crude Oil prices plummeted because of supply and demand concerns." 15000 years. GLUT.
- mikeash 7y ago“World Oil Consumption:99.84M bbl/d for 2018“ That /d means “per day.” Your other link has the same figure. Or search “world oil consumption” and find a bazillion other sources all saying it’s per day. This doesn’t even pass a basic smell test. That’s about 3 billion gallons. That’s about 10 gallons per American with the rest of the world getting nothing. Do you really think worldwide oil consumption is 10 gallons per American per year? The average American driver drives twelve thousand miles a year!
- Fjolsvith 7y agoAh, you are correct with the daily usage amount. I figure in about 10-15 years, that will drop to maybe 1/4 of the daily use with the solar->battery->car upgrade that society will engage in. So, I'd stretch it out quite a bit further than 40 years.