At the current rate of consumption of 85.22 million barrels per day versus oil reserves calculated at 1.332 trillion barrels in 2008, the global supply of oil will run out by 2041, according to a study published online by Environmental Science and Technology. The estimate assumes that the annual growth of consumption stays at 1.3 percent.
The U.S. study by researchers at the University of California – Davis, also said that when oil is gone, it would take at least a century for man to develop other alternative energy sources to sustain the world’s economy.
Using a complex equation, the researchers concluded that companies who are currently developing alternative energy sources such as bio-diesel or ethanol would lack the capital needed to replace the production by traditional oil companies of today. They project that growth in the alternative sector would be far less than the growth to be displayed by oil companies in the near future as the world would be increasingly hungry for oil.
They said that alternative energy sources must be developed much quicker and be made commercially viable by 2041 to power vehicles and run industries.
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