The world isnt running out of oil and never will what it is...

The world isnt running out of oil and never will what it is begining to run out of is the ability to produce it as fast as we use it.

At some stage with any finite resource you reach a point where new wells coming on cant match the decline rate of the hundreds of thousand if not millions of existing wells.

We will only know in hindsight but there are many bright minds out there who think we have reached that point already with crude oil.

That is what peak oil is all about, production not reserves.

The world uses 89 million barrels of oil and other liquids a day which is a 1000 barrels a second or 31 billion barrels a year (crude oil is about 75 million barrels a day of that)

The Permian is thought to contain 31 billion barrels in its shale but it would be extracted over 30 odd years, it is its maximum production rate that will count.

At the current rate (not allowing for growth)in 30 years the world would have used another 930 billion barrels.

The numbers are mind boggling.

Cheers Whisky