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When I was a young kid, in the mid-to-late 90s, scientists predicted that by around this time we simply run out of oil (so that part of the problem, the phasing
by not_your_vase 3y ago
When I was a young kid, in the mid-to-late 90s, scientists predicted that by around this time we simply run out of oil (so that part of the problem, the phasing-out, kind of solves itself), and research for alternatives are in progress.
However now it looks that even though we are using more gas than ever, it doesn't seem to deplete. Countries aren't really worried about the level of oil-reserves. What am I missing?
- jfengel 3y agoThe biggest thing you're missing is fracking. We're getting a lot more fossil fuels that were previously considered inaccessible. (Not all of it is oil. We're doing a lot more with natural gas, including a majority of new power plants. That means more petroleum is available for gasoline.) The other big thing has been shale oil, which was not considered economic in the 90s. But the price of oil went up, and it became feasible. Ironically, the price of oil has since declined -- due in part to all of that shale oil entering the system -- but once they'd invested in the infrastructure, it continued to be economically viable. The US in particular is producing a lot more fossil fuels than it used to, and is actually exporting it despite previous predictions that we'd be running out. It's because we're using fuels that we didn't expect we'd ever be able to get at cheaply enough.