Economy 52,857 Posted May 31, 2018 Share Posted May 31, 2018 https://www.cnbc.com/2018/02/28/soon-electric-vehicles-could-cause-an-oil-crisis-.html Thanks to gradual rise of EVs and more fuel efficient cars, Oil demand is expected to peak in mid 2030s then begin to fall after 2040 As of this year in 2018 we breached the 100 Million barrels a day (420 Million US Gallons) threshold in consumption daily Peak Oil demand is estimated at 113 Million barrels a day after 2030 or a 13% increase Because Oil is used for so many products including: Asphalt, Plastics, Shingles, rubber tires, Oil Based paints and lubricants, artificial fertilizers and pesticides etc, The world would still consume massive amounts of Oil daily even when personal vehicles stop using gasoline. As of 2017 Proven world Oil reserves were at 1.6 Trillion barrels or 47 years left of consumption. Venezuela, Saudi Arabia & Canada the 3 most oil rich Countries combined have almost half the worlds amount Link to post Share on other sites More sharing options...
Andreu 37,216 Posted May 31, 2018 Share Posted May 31, 2018 mmmmmm I'm a flop so since you are GGD's expert @Economy, regarding the environment is this a good thing? Link to post Share on other sites More sharing options...
Economy 52,857 Posted May 31, 2018 Author Share Posted May 31, 2018 39 minutes ago, Andreu said: mmmmmm I'm a flop so since you are GGD's expert @Economy, regarding the environment is this a good thing? Yes. Burning of oil is the worst anyway. So once we stop burning gasoline and just use it for other products, that doesn't pollute as much Also Coal is even worse than crude Oil and it's consumption is peaking around now Link to post Share on other sites More sharing options...
Andreu 37,216 Posted May 31, 2018 Share Posted May 31, 2018 Just now, Economy said: Yes. Burning of oil is the worst anyway. So once we stop burning gasolinr and just use it for other products, that doesn't pollute as much Also Coal is even worse than crude Oil and it's consumption is peaking around now This is exactly what I needed to know so thanks Link to post Share on other sites More sharing options...
Economy 52,857 Posted May 31, 2018 Author Share Posted May 31, 2018 12 minutes ago, Andreu said: This is exactly what I needed to know so thanks US Shale would be quite affected tho because it's such a light liquify oil that gasoline is pretty much it's only use. Even diesel is too much for Shale Oil But then Again America's Oil is perfect say to Balance Canadian Oil. Our Oil Sands oil is so heavy that even asphalt and rubber tires are hard to make out of it. In fact it won't travel thru a pipeline without diluent (thinner) added to it Refiners will still be able to use US Shale to mix with Oils that are too heavy on their own for their products Link to post Share on other sites More sharing options...
gabeoz 7,915 Posted May 31, 2018 Share Posted May 31, 2018 This is assuming that we wont find other deposits though. This is what's left of our current oil deposits. And if technology continues like it is we'll most definitely find other oil deposits to mine out as well. Link to post Share on other sites More sharing options...
Eggsy 8,280 Posted May 31, 2018 Share Posted May 31, 2018 We will find more oil.. We always find new ways of destroying the earth to find that resource that we love. Spoiler Link to post Share on other sites More sharing options...
Economy 52,857 Posted May 31, 2018 Author Share Posted May 31, 2018 1 hour ago, gabeoz said: This is assuming that we wont find other deposits though. This is what's left of our current oil deposits. And if technology continues like it is we'll most definitely find other oil deposits to mine out as well. 27 minutes ago, Eggsy said: We will find more oil.. We always find new ways of destroying the earth to find that resource that we love. Hide contents Every year we discover enough to replace at least 20% of what we consume so if that rate holds that would add another 10 years Also, yes new technologies that improve recovery rates also increase proven reserves Lastly "Proven Reserves" is a conservative estimate of reserves considered to have a high degree of certainty to be extractible with current technology. The actual amount that can be extracted from any field most of the times ends up being higher than the "Proven Reserve" So 47 years is basically an absolute worst case scenario like if we suddenly stopped finding new sources, if technology to extract it stopped improving, and if the conservative proven reserve estimates turned out to be all we could get. Of course, we'd have a supply crunch long before that because production would peak decades before running out of recoverable reserves Link to post Share on other sites More sharing options...
Born To Slay 10,996 Posted May 31, 2018 Share Posted May 31, 2018 Venezuela has oil and civil unrest? Inb4 America invades. Link to post Share on other sites More sharing options...
Economy 52,857 Posted May 31, 2018 Author Share Posted May 31, 2018 1 hour ago, Born To Slay said: Venezuela has oil and civil unrest? Inb4 America invades. What for? I find that whole US invading a place with Oil a bit of an outdated joke just cuz... The US now produces enough to produce over 60% of its own oil thanks to the shale boom... Canada fills another close to 20% of its consumption and Mexico and Saudi Arabia fill most of the rest The US simply doesn't have a need for oil from unstable Countries anymore and has no Oil Politically driven reasons for getting involved in an unstable region Link to post Share on other sites More sharing options...
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