15. 286 days until the oil is completely over.
There will be another 9/11???

If this date is wrong, can someone correct me?

By the way, it will be on a Sunday.

ok so they have found 100m barrels of oil... that will keep us going for ages!!!

oh wait, USA alone uses 17 million barrels of oil a day. damn...

I am unable to quote my source, but I know for a fact the BP alone have over 750 years of untapped reserves just in the Pacific and waters around Australia.

Originally posted by guiseppo
ok so they have found 100m barrels of oil... that will keep us going for ages!!!

oh wait, USA alone uses 17 million barrels of oil a day. damn...

How sarcastic. The whole point i was making is they don't know at all when the oil runs out. 17 million barrells a day? Looks like we will be driving a bit longer than you then.

Originally posted by OccamAssassin
I am unable to quote my source, but I know for a fact the BP alone have over 750 years of untapped reserves just in the Pacific and waters around Australia.

Yes and i know a diver that works for BP and he told me there's at least 200 years worth of oil off the coast of Borneo. Yet more bs to drive the price of oil even higher.

resources don't just get used at the same rate until they "run out" like the "E" on the world petrol tank. My how simplistic.

As a resource becomes scarce, its price increases, driving some buyers to alternatives. This reduces the aggregate demand.

A real world example of this is the use of the Ogalala Aquifer on the north American Plains. in 1970, the US's EPA predicted that the aquifer would be entirely depleted in 30 years. In 1997, they said the aquifer would last about 100 years. What was the difference? Increasing fuel costs made the price of retrieving the water for irrigation untenable for many farmers. Because it was so expensive to pump the water to the surface, farmers found ways to reduce their water consumption by 80%.

What will happens as the price of oil escalates exponentially? Consumers will find other solutions, before the last drop is even brought to the surface.

It's not nearly as exciting as the "End of Oil" conspiracy, when populations adapt to changing environments....

Originally posted by tovenar

resources don't just get used at the same rate until they "run out" like the "E" on the world petrol tank. My how simplistic.

As a resource becomes scarce, its price increases, driving some buyers to alternatives. This reduces the aggregate demand.

A real world example of this is the use of the Ogalala Aquifer on the north American Plains. in 1970, the US's EPA predicted that the aquifer would be entirely depleted in 30 years. In 1997, they said the aquifer would last about 100 years. What was the difference? Increasing fuel costs made the price of retrieving the water for irrigation untenable for many farmers. Because it was so expensive to pump the water to the surface, farmers found ways to reduce their water consumption by 80%.

What will happens as the price of oil escalates exponentially? Consumers will find other solutions, before the last drop is even brought to the surface.

It's not nearly as exciting as the "End of Oil" conspiracy, when populations adapt to changing environments....

The problem is that society is built around energy dependent transportation and according to the Hirsch report from the Department of Energy the US would need to start a "crash program" least two decades before peak oil in order to avoid severe effects to the economy. Some studies even points to that it could lead to mass starvation when oil dependent just-in-time food logistics get out of fuel.

People will react to prices as you say but most can't do very much due to the car dependent society. And there are no real alternatives to oil.

Also the world economy, and especially the US economy, is very oil dependent, it needs cheap oil to keep running. I believe that the world economy is already in the start of a never seen before economic crisis due to high oil prices.