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Originally posted by deadboi
My grandfather was the head geologist for a large oil company before he retired and he said that he wouldn't be surprised if by next year people in the US are paying $5/gallon for gas.
Originally posted by MBF
What does your grandfather say about the amount of oil still in the ground? Does he feel that there is a real oil shortage and that we may run out of oil soon?
Oil is a finite resource in that the rate of generation of new oil is in geologic time and our consumption is in millions of bbls/day. World consumption is reducing known reserves ie our rate of discoveries cannot, and never will again, equal consumption. Both China and India want to attain major increases in their standard of living and that will require massive energy use.
So yes, we are running short of oil. Wheather there will be dire shorfalls next year, in 20 or 50 years depends on: conservation, political unrest in major producing countries, and discoveries of alternate energy sources. We will definitely have to use a lot more nuclear energy soon. Expect oil to hit $100/ bbl in less than 5 years. At least that is the way I see it.