In response to the statement that the planet will reach peak oil production in 20 years.
They were saying that 30-40 years ago, too.
Proven oil reserves may only last 20 years, but, because of price increases, oil companies will do more exploration for oil. Oil exploration is extremely expensive (sometimes amounting to several hundred million dollars), thus higher prices at the pump will translate into more exploration for oil and thus, more proven oil reserves being found.
Will we run out of oil eventually? Perhaps, but by that time, the price of petroleum products will have become so high that technology will have found another energy source which is cheaper.
P.S. I also remember a newscast in 1970 that made the claim that by 1985 all life on the planet would be gone because of pollution. I guess they were wrong about that one, too!
They were saying that 30-40 years ago, too.
Proven oil reserves may only last 20 years, but, because of price increases, oil companies will do more exploration for oil. Oil exploration is extremely expensive (sometimes amounting to several hundred million dollars), thus higher prices at the pump will translate into more exploration for oil and thus, more proven oil reserves being found.
Will we run out of oil eventually? Perhaps, but by that time, the price of petroleum products will have become so high that technology will have found another energy source which is cheaper.
P.S. I also remember a newscast in 1970 that made the claim that by 1985 all life on the planet would be gone because of pollution. I guess they were wrong about that one, too!