How long until the oil runs out?

Answer 1

About 400 years at the rate we're going (from 2011).

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All oil will take quite some time, but there are some caveats:

• not all oil is cheap to extract and produce. At the moment, the world is primarily using cheap oil. Oil contained in tar-sands for example is more expensive to extract and produce then oil from wells.
• as Asian economies improve, particularly China, demand for oil will go up and so will its consumption;

There simply aren't enough reserves of cheap oil in the world to feed European, American and Chinese economies should the latter catch up with our standard of living, something which they are doing quite fast as we speak.

As a result, more expensive to produce oil will have to be used which inevitably will drive the oil price up. When exactly this will happen is unclear but some estimate it could start soon, around the year 2020.

Answer 2

It is difficult to predict exactly when oil reserves will run out, as it depends on various factors such as consumption rates, technological advancements, and the discovery of new oil reserves. However, experts estimate that at current consumption rates, oil reserves could last for several decades. It's important to continue investing in alternative energy sources to reduce reliance on non-renewable resources like oil.