the end of oil

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    Current world production and consumption are generally in balance at around 75 million barrels per day. Of this the USA is the world's biggest consumer using some 20 million barrels per day or 26% of the world's total. Total annual consumption is therefore around 27.7 billion barrels. Current daily consumption slightly exceeds production with the shortfall being made up with inventories. At the current rate of consumption and using the conventional estimate of reserves of one trillion barrels, the world's oil would be consumed in a mere 36 years. And this is without taking into consideration any increased demand particularly from Asia primarily China and India.

    We might add that there is a similar situation with natural gas. Natural gas accounts for roughly 25% of world energy supplies. To complete the contribution of various energy sources, Oil supplies 37%, coal 26%, nuclear 6%, and hydroelectric 6%. As we can note alternative energy's contribution is negligible. But natural gas reserves are more plentiful and studies have shown that they would last more than 60 years at current rates of consumption. The Mid-East has roughly 36% of the world's reserves while Europe and Asia combined have another 39%. Unlike oil, gas can not be shipped safely making its availability much beyond the local region difficult.
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