“Supplies of this economically exploitable resource are running out,” informed a report sent by the state owned company to the United States stock market.
Until December 31, 2005 the report says proven reserves were about 8.978 billion barrels, while yearly production was 1.322 billion tons. If this rhythm continues oil will run out in the time stipulated..
To put it in perspective… Mexico is 3rd after Canada and Saudi as the US’s largest suppliers of oil. (1.46 million barrels/day).
Mexico is the 2nd largest source of petroleum products to the US in general (oil + other stuff) after Canada at 1.6 million barrels/day.
The US consumes just over 10 million barrels/day.
So in 7 years… the US has to find a new source for over 10% of it’s current energy (not even taking future growth into account) consumption… assuming other sources don’t start to decline as well.
The future is electric my friends… and it is coming fast, whether we are prepared for it or not.