BBC oil and gas and coal will run out in 5 yrs

[Devonian]

We are unlikely to ever run out of oil, it is more a case of it is just not economical to extract the oil that remains.

http://www.imeche.org/knowledge/themes/e...il-run-out

There are also likely to new reserves identified in the future such as those in Canada and possibly the Falklands:

http://www.imeche.org/knowledge/themes/e...ew-sources

But also we really do not know what other reserves may be hidden away in parts of Africa, Asia, Russia, China etc. Yes all the easy extraction stuff will be gone, but there will be other undiscovered oil fields waiting to be tapped into, this is likely to more than sufficient for the likes of medicines etc if we can just focus on alternative fuels for power and transport etc......

[bigpaul]

at some point the world will run out of oil, its a FINITE resource, once its all used up there will be no more for billions of years if then. its just a matter of time, with places like China and India wanting a western lifestyle and cars rather than bicycles it will get used up faster, their consumption of the stuff has already increased and of course America will never give up its addiction to oil so its just a case of WHEN.

[Scythe13]

Already have mate. But you know I'm lazy, so prefer to sit on my butt and drive as much as possible haha

[bigpaul]

yes, we have a pair of bicycles too, if I still lived in somerset I could pick up loads used to see them abandoned all the time and they were all useable with a bit of work-some only needed the tyres pumped up!!

[Devonian]

(21 May 2014, 12:50)bigpaul Wrote: at some point the world will run out of oil, its a FINITE resource, once its all used up there will be no more for billions of years if then. its just a matter of time, with places like China and India wanting a western lifestyle and cars rather than bicycles it will get used up faster, their consumption of the stuff has already increased and of course America will never give up its addiction to oil so its just a case of WHEN.

Yes I agree it is a finite resource, but (playing devils advocate) there will always be a few million barrels here and there (even without new reserves being discovered), its just that we won't be able to get to it, or we will decide that it just isn't cost effective anymore.

Just like the British Coal mines. There are still thousands of tonnes of coal in the old closed collieries, but it isn't cost effective or safe to extract it.

New technologies/materials will however replace oil and gas in time, its just sufficient research and development will not be put into it until we get to the stage that oil is no longer readily available.

[bigpaul]

I don't think we will get any new technologies to replace oil whilst we still have the huge oil companies, its not in their interest to find a replacement for oil, it would affect their profit margin, so nothing will be done until it is not profitable any more and of course by then it will be too late.

[Devonian]

Yes, but the oil companies are at the centre of research for alternative fuels, its in their interest to be leading at the front to maintain their future markets:

http://www.shell.com/global/environment-...rogen.html

http://www.shell.com/global/environment-...sport.html

http://www.bp.com/en/global/alternative-energy.html

Biofuels and hydrogen are replacements for fuel oil....

[bigpaul]

maybe, but I'm not holding my breath ! better to plan for an oil less and power down future than rely on either the big companies or TPTB to do anything.

[Binnie]

I think if there was only 5 years of oil left in the north sea fossil fuel prices would skyrocket.

Living not to far from the energy capital of europe, i know dozens of people that work in oil and gas, none are showing concern over this report.

[Devonian]

(21 May 2014, 14:07)bigpaul Wrote: maybe, but I'm not holding my breath ! better to plan for an oil less and power down future than rely on either the big companies or TPTB to do anything.

Agreed

Got a couple of those Solar/hand cranked LED lanterns from Lidl's yesterday for that very reason.