The End of Oil and the Beginning of an Energy Revolution
By admin June 24, 2016

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We may have heard of the danger that our civilization is facing due to a shortage of fossil fuel. Will fossil fuel be depleted in the future? Most experts will say, “Yes!” to this question because the Earth is a sphere with a finite mass. However, when would such depletion occur? Though we sense that it will be depleted at some point in the future, nobody knows when. Upon this question, some argue that the danger of the shortage is imminent, but others argue that there is no such danger.

According to Robert Bryce, in his book called A Gusher of Lies: The Dangerous Delusions of Energy Independence, there is a history of false predictions of oil reserves. As stated by Bryce, in 1914, the US Bureau of Mines predicted that the petroleum reserves would be depleted within 10-years; in 1939, the US Department of the Interior predicted that the oil reserves throughout the world would be completely exhausted in 13-years; in 1946 the US State Department predicted that America would face an oil shortage in 20-years so that it will have to rely on oil imports from the Middle East; and in 1951, the US Department of the Interior, again, predicted that the depletion would occur in another 13-years. The history of prediction didn’t stop there but there have been continuous warnings regarding the amount of oil reserves left for our societies but every single one of them had to be revised for its fallacy.

So when will petroleum reserves finally be depleted? According to British Petroleum’s Statistical Review of World Energy in 2015, there are 1700 billion barrels of proved oil reserves in the world by the end of 2014. In the same year, the amount the world produced was 32 billion barrels, which means that at this pace, it will be 53-years until depletion. The proved oil reserves increase every year due to constantly evolving technology although the amount of oil consumption keeps increasing every year.

According to the recent data, we are currently in an era of abundance in oil reserves. But why are we so eager to find alternative energy sources? It’s because as technology advances, costs for alternative energies, such as solar or wind power becomes cheaper and cheaper; therefore, such alternative energy sources will be more efficient to produce. Not only will we benefit from lower prices, but also from efficiency. Alternative energies will outperform that of oil in the future as countries like the US and China are investing heavily in solar panels.

Sheikh Zaki Yamani, a former Saudi oil minister once famously said, “Thirty years from now there will be a huge amount of oil – and no buyers,” where he would go on to say, “The Stone Age came to an end not because we had a lack of stones, and the oil age will come to an end not because we have a lack of oil.”

For More Information:

Statistical Review of World Energy in 2015

Under Pressure: New technique could make large, flexible solar panels more feasible

Solar Power to Grow Sixfold as Sun Becoming Cheapest Resource

The Biggest Investment Opportunity in Energy Right Now

Wind and Solar Are Crushing Fossil Fuels

A Gusher of Lies: The Dangerous Delusions of Energy Independence

Sheikh Yamani predicts price crash as age of oil ends

Thanks for sharing !

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