That’s how long we have before the oil spigot runs dry on our current reserves.
That’s 46 years… 2051.
I will be 73.
My child will be in the prime of her life… 47.
This is based on numbers in this factbook which compiled estimates from a number of different studies conducted by various groups and researchers back in 2000.
Here’s the good news… with new technology, we might find a few more oil fields.
Here’s the bad news…. those new oil field finds have already been factored in.
Here’s the worse news… our rate of consumption of oil is increasing every year. This year it is 64.44 million barrels per day
Conservative estimates give the rate of increase of consumption at 7% per year…. So, next year we’ll be at 68.9 million barrels… and have shaved 3 years off our oil lifetime….
Now here comes the really mind blowing part. If no new oil fields, that is oil fields not accounted for in these studies, come online… the yearly consumption increase, and subsequent shaving down of oil lifetime will converge… in 12 years.
Think about that. All of the oil discovered and projected to be discovered in the world up until 2000 will be gone in 2017.
To put it in perspective.. that’s only 2 US Presidential terms from 2008. That’s the difference between Ronald Reagan and Bill Clinton.
Any bets on the major topic of the 2016 Presidential Elections?