The world appears to have an insatiable thirst for oil. Millions of barrels of oil are pumped from the Earth each day, but does anyone know the "replenishment" rate? Is the prospect of depleting all the Earth's oil a legitimate concern, or is new oil being created at a rate which will sustain us "forever"?
Oil is a finite resource and eventually there will be a point where reservoirs are depleted and new ones become more and more difficult to locate and develop.
The International Energy Agency estimates the world has 7 trillion barrels of conventional oil, of which 3.3 trillion barrels are technically recoverable. It projects global need between now and 2030 will total 1 trillion, about as much oil as already has been pumped.
How much of the world's oil will be pumped depends on price and technology. With prices high, more oil will be pursued.
There is a view known as the "peak oil" theory that suggests production — now 87 million barrels a day — already is at its maximum and is beginning a permanent decline. Others say that point is still 20 or 30 years away and may be extended further by high prices and new technology.
What about the formation of additional petroleum within the Earth? Don't hold your breath. It's an excruciatingly slow process — so slow it doesn't even enter into the equation of how much oil is available for human consumption.
AP
