this post was submitted on 14 Oct 2024
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There are 1.65 trillion barrels of proven oil reserves in the world as of 2016.

The world has proven reserves equivalent to 46.6 times its annual consumption levels. This means it has about 47 years of oil left (at current consumption levels and excluding unproven reserves).

This means that the oil is going to run out in our lifetime

Source/more reading: https://www.worldometers.info/oil/

Update: It is infact not true (or just partially true), because it only considers already known oil reserves that can be pumped out with current technology.

There is more oil that can potentially be used as technology and infrastructure advances, so the estimate of 50 years is wrong.

For the correction thanks to [email protected] (their original comment)

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[–] [email protected] 2 points 2 months ago

Part of me wishes that the oil would run out sooner to give governments more urgency to actually do something about our fossil fuel dependency, cause apparently the increasingly apparent effects of climate change just aren't enough motivation.

[–] [email protected] 1 points 2 months ago

This has been said since the 1970s.

[–] [email protected] 5 points 2 months ago (1 children)

I remember going to a presentation in Boulder Colorado in 2005 or somewhere near there about how the world will run out of oil in 10-15 years, they had tons of data they had collected with a bunch of researches and everything.

We just keep discovering more and more oil, and get better at extracting it.

[–] [email protected] 2 points 2 months ago

I mean, yes, but there is a finite amount, we just don't have the ability to accurately gauge how finite. We also created new techniques for extraction and technology changed to enable those new techniques.

The information was good at the time, but it won't get better at the same rate, we're closer to the truth now than we were before because of advancement.

Anyway, my point is the new estimate is much closer to true than the one your comparing it to.

[–] [email protected] 7 points 2 months ago

I wish it would run out much sooner. Burning fossil fuels is responsible for 20% of all deaths in the world.

[–] [email protected] 1 points 2 months ago

Off topic but the amount of oil we have left is the least of humanities' concerns right now imo.

[–] [email protected] 5 points 2 months ago

Glad you already learned this is probably nonsense. The wrong reasoning is very similar to much thought about overpopulation. The amount of people that makes for a place to be overpopulated is a function of how societies work and the technologies they have at hand. One extra issue there is that improvements in technology usually lead to population growth, so much progress gets cancelled out.

[–] [email protected] 11 points 2 months ago (1 children)

I've heard this for my whole life. Oil runs out in X years, until they develop affordable ways to dig deeper and get at more

[–] [email protected] 4 points 2 months ago

Cheapest oil runs out in x years. Mid cost in y years. Expensive in z years. Then we get into “manufactured” oils.

Oil isn’t going to run out, it’s just going to get more expensive.

[–] [email protected] 10 points 2 months ago* (last edited 2 months ago)

I was curious how best to cut down on our usage, if we'd be aggressive, how long we could make our oil last.

From the EPA, seems the like roughly 40% of an oil barrel ends up being used to create gasoline source. The transportation sector accounts to 2/3 of our total oil consumption. In the transportation sector, roughly 54% of energy is used just for passenger cars. source

If everyone in the world stopped driving gasoline cars and switched to a 100% renewable option, we would only cut our oil production by about 36%. That changes the timeline from 50 years to 78 years.

Pretty saddening to think about. Hopefully some technology improvements for oil recycling come around quickly

[–] [email protected] 16 points 2 months ago

Honestly we've known peak oil would occur in our lives for several decades. Not that you could tell by any project to prepare for such an event.

[–] [email protected] 25 points 2 months ago (1 children)

This thread is filled with people who don't grasp what a finite resource is. Saying "I remember hearing that x years ago". Sure there's probably more it there somewhere, but we don't need to have to the finish on this. There are are kids who are going to grow up, people who aren't born yet. Hell, at current rates, we might fuck up things with climate change. Which, even more reason to use less.

Call me selfish, but I want my nieces and nephews, to be able to grow up into a prosperous world and not some weird dystopian hellscape.

[–] [email protected] -4 points 2 months ago* (last edited 2 months ago) (1 children)

I think our point is that we don't know if this is a good prediction or not. They both keeps crying wolf.

We're not cheering for it, we're just skeptical.

[–] [email protected] 9 points 2 months ago (1 children)

Skeptical of what? That it's finite? Or how much is left? Or that climate change is real?

Because I'm definitely seeing people who think we have unlimited oil, that there's always going to be more, and that climate change is not only a hoax but isn't caused by humans at all. Some of those folks are in this thread, some of those folks I know in real life.

[–] [email protected] 32 points 2 months ago (2 children)

The way things are going we're all going to be dead before it gets to that point

[–] [email protected] 13 points 2 months ago

Probably because of all the dipshits in this thread specifically, acting like we don't need to stop extracting and using oil.

[–] [email protected] 4 points 2 months ago

And it could be caused by nuclear fallout before climate change gets critical

[–] [email protected] 13 points 2 months ago

"The report says we can release 565 more gigatons of co2 without the effects being calamitous." "It says we can only release 565 gigabytes." "So what if we only release 564?" "Well, then we would have a reasonable shot at some form of dystopian post-apocalyptic life, but the carbon dioxide in the oil that we've already leased is 2795 gigatons so..."

The Newsroom climate change scene

Point being, we already have oil we haven't burned yet that will shoot us far past any limits we've pretended we'll adhere to, and yet we're still looking for more oil to dig up. How can this end well?

[–] [email protected] 13 points 2 months ago

The disconnect between the general public and the realities of the petroleum industry may be the largest gap in existence. Pretty much any article you read gets 99% of the info hilariously wrong as the journalist has no idea wtf they're talking about.

[–] [email protected] 1 points 2 months ago

So the oil companies have a limit and eventually it will stop.

[–] [email protected] 13 points 2 months ago

This means that the oil is going to run out in our lifetime.

Well, not in mine. So good luck with that!

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