We still have a looooooooong way to go and with BP announcing that the Earth has only a little over 50 years of oil left..........
They keep discovering new reserves. The oilsands in Alberta have been estimated at larger total volume than Saudi Arabia's wells at their peak. And there are new prospects for oilsands in Russia that make Alberta look like chump change.
Plus, there have been strides in artificial petroleum products as well.
We won't ever run out of oil, we just need to shift the things that waste it (i.e. cars, not manufacturing) to a renewable resource (like hydrogen-electric hybrids).
Eventually the oil reserves will run out, they are a *finite* resource, which the entire economy and industry of the world currently relies on. The oil reserves we are wasting now took millions of years to form, and provided the basis for all of the technological advances of the past 100 years.
If modern civilisation collapses back to pre-industrial revolution levels or worse, will there be enough oil left, or will the remaining reserves be located where we can use them, to provide the energy for a new industrial revolution, and allow us to regain current technological levels?
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